Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Update

Adaptive Biotechnologies Co. (NASDAQ:ADPT) saw a significant decline in short interest in August. As of August 15th, there was short interest totalling 9,660,000 shares, a decline of 11.8% from the July 31st total of 10,950,000 shares. Based on an average daily trading volume, of 1,470,000 shares, the short-interest ratio is presently 6.6 days.

Analyst Ratings Changes

Separately, 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 report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.40.

Adaptive Biotechnologies Stock Up 0.6 %

Shares of Adaptive Biotechnologies stock opened at $4.70 on Monday. Adaptive Biotechnologies has a 52-week low of $2.28 and a 52-week high of $6.96. The firm’s 50 day moving average price is $4.19 and its 200-day moving average price is $3.62. The company has a market cap of $693.11 million, a P/E ratio of -3.15 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.02. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The business had revenue of $43.19 million for the quarter, compared to analyst estimates of $38.63 million. During the same period in the previous year, the company earned ($0.33) earnings per share. The business’s revenue for the quarter was down 11.7% on a year-over-year basis. As a group, equities research analysts forecast that Adaptive Biotechnologies will post -1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its stake in shares of 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 acquiring an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP boosted its stake in Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after purchasing an additional 3,500,000 shares in the last quarter. Massachusetts Financial Services Co. MA increased 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 valued at $14,162,000 after purchasing an additional 1,319,709 shares in the last quarter. ARK Investment Management LLC raised its holdings in shares of Adaptive Biotechnologies by 8.1% in 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 Holdings Inc. raised its holdings in shares of Adaptive Biotechnologies by 11.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after buying an additional 722,924 shares during the last quarter. 99.17% of the stock is owned by institutional investors and hedge funds.

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.