Adaptive Biotechnologies Co. (NASDAQ:ADPT) Receives Average Rating of “Buy” from Brokerages

Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) has been given a consensus rating of “Buy” by the eight ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $32.00.

Several research firms have recently weighed in on ADPT. The Goldman Sachs Group lowered their price objective on shares of Adaptive Biotechnologies from $54.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 16th. Bank of America cut their price objective on Adaptive Biotechnologies from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Wednesday, February 16th. Morgan Stanley cut their price target on Adaptive Biotechnologies from $46.00 to $27.00 and set an “equal weight” rating for the company in a report on Tuesday, February 15th. Zacks Investment Research downgraded shares of Adaptive Biotechnologies from a “hold” rating to a “sell” rating in a report on Monday, April 25th. Finally, BTIG Research cut their target price on shares of Adaptive Biotechnologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, February 16th.

NASDAQ:ADPT opened at $8.25 on Monday. The stock has a 50-day simple moving average of $12.08 and a 200 day simple moving average of $20.73. Adaptive Biotechnologies has a 52-week low of $7.98 and a 52-week high of $43.40. The company has a market cap of $1.17 billion, a PE ratio of -5.61 and a beta of 0.74.

Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last announced its quarterly earnings data on Tuesday, February 15th. The company reported ($0.43) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.43). The business had revenue of $37.93 million for the quarter, compared to analyst estimates of $36.08 million. Adaptive Biotechnologies had a negative net margin of 134.30% and a negative return on equity of 31.00%. During the same quarter in the previous year, the firm posted ($0.33) earnings per share. On average, research analysts anticipate that Adaptive Biotechnologies will post -1.67 EPS for the current year.

In related news, President Julie Rubinstein sold 4,613 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $12.01, for a total value of $55,402.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Chad M. Robins sold 14,815 shares of the firm’s stock in a transaction that occurred on Wednesday, March 9th. The stock was sold at an average price of $12.46, for a total transaction of $184,594.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,869 shares of company stock valued at $366,357. 3.90% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the business. ARK Investment Management LLC lifted its stake in shares of Adaptive Biotechnologies by 35.3% in the 1st quarter. ARK Investment Management LLC now owns 7,709,666 shares of the company’s stock valued at $107,010,000 after purchasing an additional 2,011,798 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Adaptive Biotechnologies by 55.0% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,195,446 shares of the company’s stock valued at $89,664,000 after acquiring an additional 1,133,445 shares during the period. Nikko Asset Management Americas Inc. lifted its position in shares of Adaptive Biotechnologies by 55.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,160,923 shares of the company’s stock valued at $87,052,000 after acquiring an additional 1,133,445 shares during the period. Norges Bank acquired a new stake in Adaptive Biotechnologies in the fourth quarter worth $29,144,000. Finally, Bellevue Group AG increased its stake in Adaptive Biotechnologies by 47.3% in the fourth quarter. Bellevue Group AG now owns 1,968,431 shares of the company’s stock valued at $55,234,000 after purchasing an additional 632,408 shares in the last quarter. Hedge funds and other institutional investors own 88.10% of the company’s stock.

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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