Adaptive Biotechnologies (NASDAQ:ADPT) Stock Rating Lowered by Zacks Investment Research

Adaptive Biotechnologies (NASDAQ:ADPTGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Adaptive Biotechnologies Corporation is a commercial-stage biotech company. It develops and commercializes immune-driven clinical products to transform the diagnosis and treatment of disease. The company’s product pipeline includes immunoSEQ, clonoSEQ and cellular therapy which are in clinical stage. Adaptive Biotechnologies Corporation is based in Seattle, Washington. “

Other analysts have also recently issued reports about the company. The Goldman Sachs Group lowered their price target on Adaptive Biotechnologies from $54.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, February 16th. JPMorgan Chase & Co. cut their target price on shares of Adaptive Biotechnologies from $75.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, February 16th. Morgan Stanley decreased their price target on shares of Adaptive Biotechnologies from $46.00 to $27.00 and set an “equal weight” rating for the company in a report on Tuesday, February 15th. Bank of America dropped their price objective on Adaptive Biotechnologies from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Wednesday, February 16th. Finally, BTIG Research decreased their target price on Adaptive Biotechnologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, February 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $32.00.

Shares of ADPT stock traded up $0.13 on Tuesday, reaching $10.46. 41,530 shares of the stock were exchanged, compared to its average volume of 1,245,835. Adaptive Biotechnologies has a one year low of $9.90 and a one year high of $44.97. The stock has a market cap of $1.48 billion, a PE ratio of -7.11 and a beta of 0.74. The stock has a 50 day moving average price of $13.14 and a 200 day moving average price of $22.23.

Adaptive Biotechnologies (NASDAQ:ADPTGet Rating) last issued its quarterly earnings results on Tuesday, February 15th. The company reported ($0.43) EPS for the quarter, hitting the consensus estimate of ($0.43). Adaptive Biotechnologies had a negative net margin of 134.30% and a negative return on equity of 31.00%. The company had revenue of $37.93 million during the quarter, compared to analysts’ expectations of $36.08 million. During the same quarter in the previous year, the company earned ($0.33) EPS. As a group, analysts anticipate that Adaptive Biotechnologies will post -1.67 earnings per share for the current year.

In other news, President Julie Rubinstein sold 4,613 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $12.01, for a total value of $55,402.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lance Baldo sold 2,373 shares of the company’s stock in a transaction on Monday, March 7th. The stock was sold at an average price of $12.01, for a total value of $28,499.73. The disclosure for this sale can be found here. Insiders have sold a total of 29,869 shares of company stock valued at $366,357 over the last ninety days. Company insiders own 3.90% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC boosted its position in Adaptive Biotechnologies by 35.3% during the first quarter. ARK Investment Management LLC now owns 7,709,666 shares of the company’s stock worth $107,010,000 after purchasing an additional 2,011,798 shares during the period. Frontier Capital Management Co. LLC grew its stake in Adaptive Biotechnologies by 210.4% in the 1st quarter. Frontier Capital Management Co. LLC now owns 596,873 shares of the company’s stock valued at $8,285,000 after buying an additional 404,561 shares in the last quarter. Calton & Associates Inc. bought a new stake in Adaptive Biotechnologies during the 1st quarter valued at $157,000. Norges Bank purchased a new stake in shares of Adaptive Biotechnologies during the fourth quarter worth $29,144,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Adaptive Biotechnologies by 3.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,319,373 shares of the company’s stock worth $37,021,000 after acquiring an additional 47,975 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile (Get Rating)

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection.

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