Brokerages Set Adaptive Biotechnologies Co. (NASDAQ:ADPT) Price Target at $9.50

Adaptive Biotechnologies Co. (NASDAQ:ADPT) has earned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $9.83.

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group upped their target price on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Scotiabank boosted their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. Morgan Stanley raised their price target on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Piper Sandler restated an “overweight” rating and set a $13.00 price target (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday.

Adaptive Biotechnologies Price Performance

NASDAQ:ADPT opened at $8.81 on Monday. The stock has a market cap of $1.34 billion, a PE ratio of -8.08 and a beta of 1.75. Adaptive Biotechnologies has a fifty-two week low of $2.99 and a fifty-two week high of $10.28. The stock’s 50-day moving average is $7.81 and its two-hundred day moving average is $6.97.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.08. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. The firm had revenue of $52.44 million for the quarter, compared to analyst estimates of $42.13 million. During the same quarter in the prior year, the business earned ($0.33) EPS. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. On average, equities research analysts anticipate that Adaptive Biotechnologies will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Michelle Renee Griffin sold 15,664 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $7.94, for a total transaction of $124,372.16. Following the completion of the sale, the director now owns 51,685 shares in the company, valued at approximately $410,378.90. This trade represents a 23.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Chad M. Robins sold 211,160 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the completion of the transaction, the chief executive officer now owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. The trade was a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 826,013 shares of company stock worth $6,543,452. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds have recently modified their holdings of the stock. Verdence Capital Advisors LLC purchased a new stake in Adaptive Biotechnologies in the first quarter worth $155,000. Victory Capital Management Inc. raised its stake in Adaptive Biotechnologies by 9,892.2% in the 1st quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company’s stock valued at $13,108,000 after acquiring an additional 1,746,571 shares during the period. CWM LLC lifted its holdings in Adaptive Biotechnologies by 88.8% during the first quarter. CWM LLC now owns 18,947 shares of the company’s stock valued at $141,000 after purchasing an additional 8,913 shares during the last quarter. Personal CFO Solutions LLC bought a new position in Adaptive Biotechnologies during the first quarter worth about $84,000. Finally, Calamos Advisors LLC purchased a new position in shares of Adaptive Biotechnologies in the first quarter worth about $1,047,000. Institutional investors own 99.17% of the company’s stock.

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.