Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $7.19 and last traded at $7.07, with a volume of 661045 shares changing hands. The stock had previously closed at $6.19.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ADPT shares. BTIG Research lifted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Piper Sandler increased their price objective on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th.

Adaptive Biotechnologies Stock Up 16.3 %

The firm has a market capitalization of $1.06 billion, a PE ratio of -5.37 and a beta of 1.47. The firm has a 50-day moving average price of $5.82 and a 200 day moving average price of $4.87.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ADPT. Rubric Capital Management LP lifted its holdings in Adaptive Biotechnologies by 2.9% during the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock worth $73,728,000 after buying an additional 400,000 shares in the last quarter. ARK Investment Management LLC increased its position in shares of 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 acquiring an additional 189,134 shares during the period. Millennium Management LLC raised its stake in shares of 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted 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 purchasing an additional 834,253 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in Adaptive Biotechnologies by 50.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after purchasing an additional 1,319,709 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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.