Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up on Better-Than-Expected Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.63, but opened at $6.00. Adaptive Biotechnologies shares last traded at $5.79, with a volume of 232,141 shares changing hands.

The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.08. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The business had revenue of $46.44 million during the quarter, compared to analysts’ expectations of $40.59 million.

Analyst Ratings Changes

Several brokerages have recently issued reports on ADPT. BTIG Research upped their price objective on Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Adaptive Biotechnologies has an average rating of “Moderate Buy” and an average price target of $6.25.

Institutional Trading of Adaptive Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Adaptive Biotechnologies in the third quarter worth approximately $26,000. Ashton Thomas Securities LLC acquired a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $34,000. Rothschild Investment LLC purchased a new stake in shares of Adaptive Biotechnologies during the 2nd quarter valued at $36,000. MQS Management LLC acquired a new stake in shares of Adaptive Biotechnologies during the 2nd quarter worth $36,000. Finally, Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Adaptive Biotechnologies in the 1st quarter worth $46,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Up 3.4 %

The stock has a fifty day moving average of $4.81 and a two-hundred day moving average of $4.14. The stock has a market cap of $858.28 million, a price-to-earnings ratio of -3.96 and a beta of 1.45.

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 immunosequencing platform which combines a suite of proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data to decode the adaptive immune system.