Ameriprise Financial Inc. Has $4.42 Million Position in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Ameriprise Financial Inc. boosted its stake in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 794.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 736,720 shares of the company’s stock after buying an additional 654,309 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.50% of Adaptive Biotechnologies worth $4,417,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADPT. KBC Group NV acquired a new position in Adaptive Biotechnologies during the 4th quarter worth about $50,000. Cibc World Markets Corp acquired a new position in Adaptive Biotechnologies during the 4th quarter worth about $65,000. Amundi lifted its holdings in Adaptive Biotechnologies by 41.2% during the 4th quarter. Amundi now owns 15,532 shares of the company’s stock worth $93,000 after buying an additional 4,531 shares during the period. Proficio Capital Partners LLC acquired a new position in Adaptive Biotechnologies during the 4th quarter worth about $93,000. Finally, Walleye Capital LLC acquired a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at about $94,000. 99.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an “equal weight” rating in a research note on Monday, May 5th. Piper Sandler reissued an “overweight” rating and issued a $13.00 price objective (up from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. Scotiabank boosted their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group boosted their price objective on Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.83.

Insider Buying and Selling

In other news, insider Francis Lo sold 20,875 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total value of $145,916.25. Following the completion of the sale, the insider now directly owns 332,846 shares of the company’s stock, valued at $2,326,593.54. This represents a 5.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Harlan S. Robins sold 68,412 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $7.35, for a total value of $502,828.20. Following the completion of the sale, the insider now directly owns 1,279,524 shares of the company’s stock, valued at approximately $9,404,501.40. This trade represents a 5.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 358,754 shares of company stock valued at $2,584,806. 6.40% of the stock is owned by company insiders.

Adaptive Biotechnologies Stock Performance

ADPT stock opened at $8.93 on Monday. The stock’s 50 day simple moving average is $8.20 and its 200 day simple moving average is $7.35. Adaptive Biotechnologies Co. has a fifty-two week low of $2.99 and a fifty-two week high of $10.28. The company has a market cap of $1.36 billion, a P/E ratio of -8.19 and a beta of 1.75.

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

Adaptive Biotechnologies Profile

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.