Adaptive Biotechnologies (NASDAQ:ADPT) Trading 12.7% Higher on Analyst Upgrade

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price traded up 12.7% during trading on Monday after Piper Sandler raised their price target on the stock from $6.00 to $7.00. Piper Sandler currently has an overweight rating on the stock. Adaptive Biotechnologies traded as high as $6.56 and last traded at $6.56. 331,482 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,403,812 shares. The stock had previously closed at $5.82.

A number of other brokerages have also recently commented on ADPT. BTIG Research increased their price target on Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after acquiring an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP boosted its stake 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 purchasing an additional 3,500,000 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Adaptive Biotechnologies by 50.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after buying an additional 1,319,709 shares during the period. ARK Investment Management LLC raised its stake in Adaptive Biotechnologies by 8.1% during the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after buying an additional 850,704 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings 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. Institutional investors and hedge funds own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Down 8.6 %

The stock’s 50-day simple moving average is $4.88 and its 200 day simple moving average is $4.21. The firm has a market cap of $874.50 million, a P/E ratio of -4.43 and a beta of 1.45.

Adaptive Biotechnologies Company Profile

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.