Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 5.2%

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price fell 5.2% during trading on Friday . The stock traded as low as $4.52 and last traded at $4.53. 373,378 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 1,463,385 shares. The stock had previously closed at $4.78.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. upped their target price on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.40.

Adaptive Biotechnologies Price Performance

The company has a market capitalization of $683.79 million, a P/E ratio of -3.04 and a beta of 1.42. The stock’s 50 day simple moving average is $4.46 and its two-hundred day simple moving average is $3.67.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $43.19 million during the quarter, compared to analyst estimates of $38.63 million. During the same quarter in the previous year, the business earned ($0.33) EPS. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. As a group, equities research analysts expect that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in shares of Adaptive Biotechnologies by 5.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company’s stock valued at $177,000 after buying an additional 2,710 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Adaptive Biotechnologies by 22.5% during the fourth quarter. Victory Capital Management Inc. now owns 19,087 shares of the company’s stock worth $94,000 after purchasing an additional 3,509 shares during the period. Essex Investment Management Co. LLC lifted its holdings in shares of Adaptive Biotechnologies by 1.9% during the 1st quarter. Essex Investment Management Co. LLC now owns 277,096 shares of the company’s stock valued at $889,000 after purchasing an additional 5,183 shares in the last quarter. American Century Companies Inc. grew its position in shares of Adaptive Biotechnologies by 18.3% in the 2nd quarter. American Century Companies Inc. now owns 45,562 shares of the company’s stock valued at $165,000 after purchasing an additional 7,039 shares during the period. Finally, Manchester Capital Management LLC bought a new stake in Adaptive Biotechnologies during the 1st quarter worth approximately $32,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.