Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) was the recipient of a large increase in short interest during the month of December. As of December 30th, there was short interest totalling 5,910,000 shares, an increase of 24.9% from the December 15th total of 4,730,000 shares. Approximately 4.2% of the company’s shares are short sold. Based on an average daily trading volume, of 1,020,000 shares, the short-interest ratio is currently 5.8 days.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on ADPT shares. Piper Sandler upgraded Adaptive Biotechnologies from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $7.50 to $14.00 in a report on Wednesday, December 21st. Morgan Stanley dropped their target price on shares of Adaptive Biotechnologies from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Monday, November 7th. Finally, Scotiabank initiated coverage on shares of Adaptive Biotechnologies in a research report on Wednesday, January 4th. They set a “sector outperform” rating and a $15.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.25.
Insiders Place Their Bets
In other news, insider Nitin Sood sold 31,066 shares of the stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $8.00, for a total transaction of $248,528.00. Following the transaction, the insider now directly owns 114,505 shares in the company, valued at approximately $916,040. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 33,020 shares of company stock valued at $265,492. Insiders own 4.20% of the company’s stock.
Institutional Inflows and Outflows
Adaptive Biotechnologies Trading Down 9.0 %
ADPT opened at $9.03 on Friday. Adaptive Biotechnologies has a twelve month low of $5.95 and a twelve month high of $18.89. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -5.79 and a beta of 1.11. The company has a fifty day simple moving average of $8.38 and a 200 day simple moving average of $8.63.
Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $47.80 million during the quarter, compared to the consensus estimate of $48.41 million. During the same period last year, the firm earned ($0.40) earnings per share. The company’s revenue was up 21.0% on a year-over-year basis. On average, analysts forecast that Adaptive Biotechnologies will post -1.5 earnings per share for the current fiscal year.
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 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.
- Get a free copy of the StockNews.com research report on Adaptive Biotechnologies (ADPT)
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