Adaptive Biotechnologies (NASDAQ:ADPT) PT Raised to $8.00 at BTIG Research

Adaptive Biotechnologies (NASDAQ:ADPT) had its target price raised by equities research analysts at BTIG Research from $7.00 to $8.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 56.56% from the company’s current price.

Separately, JPMorgan Chase & Co. increased their price objective on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Adaptive Biotechnologies presently has a consensus rating of “Moderate Buy” and an average target price of $7.00.

Adaptive Biotechnologies Trading Up 1.8 %

Shares of Adaptive Biotechnologies stock traded up $0.09 during trading on Wednesday, reaching $5.11. The company’s stock had a trading volume of 532,912 shares, compared to its average volume of 1,469,648. The company has a 50-day moving average price of $4.53 and a two-hundred day moving average price of $3.73. The firm has a market cap of $753.05 million, a PE ratio of -3.40 and a beta of 1.42. Adaptive Biotechnologies has a fifty-two week low of $2.28 and a fifty-two week high of $5.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $38.63 million. During the same period last year, the firm posted ($0.33) EPS. Adaptive Biotechnologies’s quarterly revenue was down 11.7% on a year-over-year basis. On average, analysts predict that Adaptive Biotechnologies will post -1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rubric Capital Management LP increased 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. Vanguard Group Inc. grew its stake in Adaptive Biotechnologies by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock valued at $41,312,000 after acquiring an additional 102,134 shares in the last quarter. ARK Investment Management LLC grew its stake in Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after acquiring an additional 850,704 shares in the last quarter. Millennium Management LLC grew its stake in Adaptive Biotechnologies by 1,008.3% during the 2nd 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. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Adaptive Biotechnologies by 11.7% during 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 acquiring an additional 722,924 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors.

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.