Bank of New York Mellon Corp Cuts Stock Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Bank of New York Mellon Corp decreased its stake in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 363,906 shares of the company’s stock after selling 5,780 shares during the period. Bank of New York Mellon Corp’s holdings in Adaptive Biotechnologies were worth $2,182,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADPT. KBC Group NV purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $50,000. Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies during the third quarter valued at approximately $56,000. GAMMA Investing LLC purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $59,000. Centiva Capital LP purchased a new position in shares of Adaptive Biotechnologies during the third quarter valued at approximately $80,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Adaptive Biotechnologies during the third quarter valued at approximately $101,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Insider Activity

In other Adaptive Biotechnologies news, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction on Monday, March 10th. The stock was sold at an average price of $7.05, for a total value of $70,500.00. Following the completion of the sale, the director now owns 224,690 shares of the company’s stock, valued at approximately $1,584,064.50. This trade represents a 4.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chad M. Robins sold 211,160 shares of Adaptive Biotechnologies stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total value of $1,794,860.00. Following the completion of the sale, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at $21,901,958.50. The trade was a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 755,903 shares of company stock worth $6,025,342 in the last quarter. 6.20% of the stock is owned by company insiders.

Adaptive Biotechnologies Price Performance

ADPT opened at $8.40 on Friday. The stock’s 50 day simple moving average is $7.74 and its 200 day simple moving average is $6.22. Adaptive Biotechnologies Co. has a 1 year low of $2.28 and a 1 year high of $8.95. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -7.71 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same period last year, the company posted ($0.30) EPS. As a group, sell-side analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADPT. Piper Sandler reissued an “overweight” rating and issued a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Scotiabank boosted their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. BTIG Research boosted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group raised Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $8.00 to $9.00 in a research report on Friday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $9.40.

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.