Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Up 24.9% in December

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

Several hedge funds have recently added to or reduced their stakes in ADPT. Bellevue Group AG lifted its position in shares of Adaptive Biotechnologies by 59.8% during the first quarter. Bellevue Group AG now owns 3,145,293 shares of the company’s stock worth $43,657,000 after purchasing an additional 1,176,862 shares during the last quarter. BlackRock Inc. lifted its holdings in Adaptive Biotechnologies by 12.2% during the 3rd quarter. BlackRock Inc. now owns 10,119,409 shares of the company’s stock worth $72,051,000 after buying an additional 1,098,301 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Adaptive Biotechnologies by 151.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,397,533 shares of the company’s stock worth $11,306,000 after acquiring an additional 841,334 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Adaptive Biotechnologies by 132.8% in the 2nd quarter. Principal Financial Group Inc. now owns 1,201,062 shares of the company’s stock valued at $9,717,000 after acquiring an additional 685,171 shares during the last quarter. Finally, Aristotle Atlantic Partners LLC raised its position in shares of Adaptive Biotechnologies by 75.0% during the 2nd quarter. Aristotle Atlantic Partners LLC now owns 1,329,268 shares of the company’s stock valued at $10,754,000 after acquiring an additional 569,856 shares in the last quarter. 90.75% of the stock is owned by institutional investors and hedge funds.

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

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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.