Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up on Better-Than-Expected Earnings

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.63, but opened at $6.00. Adaptive Biotechnologies shares last traded at $5.79, with a volume of 232,141 shares traded.

The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.08. The business had revenue of $46.44 million during the quarter, compared to analysts’ expectations of $40.59 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADPT. BTIG Research upped their price objective on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.25.

Institutional Trading of Adaptive Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rubric Capital Management LP grew its position in shares of Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after acquiring an additional 3,500,000 shares during the period. Vanguard Group Inc. lifted its stake in Adaptive Biotechnologies by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock valued at $41,312,000 after purchasing an additional 102,134 shares during the last quarter. ARK Investment Management LLC grew its holdings in Adaptive Biotechnologies by 1.7% during the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock worth $59,398,000 after purchasing an additional 189,134 shares during the period. Millennium Management LLC increased its position in Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after buying an additional 8,426,580 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Adaptive Biotechnologies by 12.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after buying an additional 834,253 shares during the period. 99.17% of the stock is owned by institutional investors.

Adaptive Biotechnologies Price Performance

The stock has a 50-day moving average price of $4.81 and a 200-day moving average price of $4.15.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunosequencing platform which combines a suite of proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data to decode the adaptive immune system.