Lazard Asset Management LLC Buys 124,864 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Lazard Asset Management LLC lifted its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPTGet Rating) by 52.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 361,734 shares of the company’s stock after acquiring an additional 124,864 shares during the period. Lazard Asset Management LLC owned approximately 0.25% of Adaptive Biotechnologies worth $2,926,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Stanley Laman Group Ltd. raised its position in shares of Adaptive Biotechnologies by 7.8% in the 2nd quarter. Stanley Laman Group Ltd. now owns 114,780 shares of the company’s stock worth $929,000 after acquiring an additional 8,288 shares in the last quarter. Landscape Capital Management L.L.C. raised its position in shares of Adaptive Biotechnologies by 52.5% in the 2nd quarter. Landscape Capital Management L.L.C. now owns 268,925 shares of the company’s stock worth $2,176,000 after acquiring an additional 92,583 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Adaptive Biotechnologies by 532.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 134,205 shares of the company’s stock worth $1,086,000 after acquiring an additional 112,987 shares in the last quarter. Personal CFO Solutions LLC bought a new position in shares of Adaptive Biotechnologies in the 2nd quarter worth about $91,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Adaptive Biotechnologies by 58.4% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 294,645 shares of the company’s stock worth $2,384,000 after acquiring an additional 108,686 shares in the last quarter. 93.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADPT has been the subject of several research reports. BTIG Research reduced their target price on Adaptive Biotechnologies to $17.00 in a research note on Tuesday, August 9th. Piper Sandler reduced their target price on Adaptive Biotechnologies from $12.00 to $7.50 and set a “neutral” rating for the company in a research note on Wednesday, October 26th. Credit Suisse Group initiated coverage on Adaptive Biotechnologies in a research note on Wednesday, August 24th. They issued an “underperform” rating and a $8.00 target price for the company. Finally, Morgan Stanley reduced their target price on Adaptive Biotechnologies from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Monday, November 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.07.

Adaptive Biotechnologies Stock Performance

ADPT stock opened at $8.96 on Thursday. The company has a market capitalization of $1.28 billion, a P/E ratio of -5.74 and a beta of 1.05. Adaptive Biotechnologies Co. has a 52-week low of $5.95 and a 52-week high of $32.44. The business has a 50-day simple moving average of $7.56 and a two-hundred day simple moving average of $8.45.

Adaptive Biotechnologies (NASDAQ:ADPTGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.05. Adaptive Biotechnologies had a negative return on equity of 40.95% and a negative net margin of 131.81%. The business had revenue of $47.80 million during the quarter, compared to the consensus estimate of $48.41 million. During the same quarter in the previous year, the business earned ($0.40) EPS. The company’s quarterly revenue was up 21.0% on a year-over-year basis. As a group, sell-side analysts forecast that Adaptive Biotechnologies Co. will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adaptive Biotechnologies news, insider Nitin Sood sold 31,066 shares of the business’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $8.00, for a total transaction of $248,528.00. Following the sale, the insider now owns 114,505 shares of the company’s stock, valued at approximately $916,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have sold 34,191 shares of company stock valued at $271,213. 4.20% of the stock is owned by company insiders.

Adaptive Biotechnologies Company Profile

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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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Institutional Ownership by Quarter for Adaptive Biotechnologies (NASDAQ:ADPT)

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