Adaptive Biotechnologies (NASDAQ:ADPT) Trading Up 18.3%

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares rose 18.3% during trading on Thursday . The stock traded as high as $4.74 and last traded at $4.73. Approximately 657,030 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,450,509 shares. The stock had previously closed at $4.00.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. raised their price objective 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.40.

Adaptive Biotechnologies Stock Up 28.5 %

The firm has a market cap of $758.00 million, a PE ratio of -3.44 and a beta of 1.42. The firm has a 50-day moving average price of $4.47 and a two-hundred day moving average price of $3.69.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.02. The business had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.33) earnings per share. Research analysts forecast that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current fiscal year.

Institutional Trading of Adaptive Biotechnologies

Several large investors have recently added to or reduced their stakes in the stock. Rubric Capital Management LP grew its holdings 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 valued at $50,680,000 after buying an additional 3,500,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in Adaptive Biotechnologies by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock valued at $41,312,000 after buying an additional 102,134 shares in the last quarter. ARK Investment Management LLC grew its holdings in Adaptive Biotechnologies by 8.1% in the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after buying an additional 850,704 shares in the last quarter. Millennium Management LLC grew its holdings in Adaptive Biotechnologies by 1,008.3% in the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after buying an additional 8,426,580 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Adaptive Biotechnologies by 11.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock valued at $24,977,000 after purchasing an additional 722,924 shares during the last quarter. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

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.