Rhumbline Advisers Raises Stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Rhumbline Advisers raised its holdings in Adaptive Biotechnologies Corporation (NASDAQ:ADPT) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 188,524 shares of the company’s stock after acquiring an additional 7,322 shares during the period. Rhumbline Advisers owned approximately 0.13% of Adaptive Biotechnologies worth $1,401,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ADPT. Voya Investment Management LLC raised its holdings in shares of Adaptive Biotechnologies by 6,121.7% in the 4th quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock valued at $14,560,000 after acquiring an additional 2,389,674 shares in the last quarter. Soleus Capital Management L.P. raised its holdings in shares of Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock valued at $17,884,000 after acquiring an additional 1,870,393 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Adaptive Biotechnologies by 794.0% in the 4th quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company’s stock valued at $4,417,000 after acquiring an additional 654,309 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Adaptive Biotechnologies by 397.6% in the 4th quarter. Deutsche Bank AG now owns 630,577 shares of the company’s stock valued at $3,783,000 after acquiring an additional 503,842 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Adaptive Biotechnologies by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock valued at $20,209,000 after acquiring an additional 489,555 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Trading Up 3.3%

Shares of Adaptive Biotechnologies stock opened at $10.47 on Thursday. The firm has a market capitalization of $1.59 billion, a PE ratio of -10.91 and a beta of 1.80. The business’s 50-day moving average price is $8.92 and its 200-day moving average price is $7.89. Adaptive Biotechnologies Corporation has a 12 month low of $2.99 and a 12 month high of $10.87.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.08. The firm had revenue of $52.44 million for the quarter, compared to analyst estimates of $42.13 million. Adaptive Biotechnologies had a negative return on equity of 62.79% and a negative net margin of 74.84%. The company’s revenue was up 25.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) EPS. As a group, analysts predict that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Harlan S. Robins sold 68,412 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $7.35, for a total transaction of $502,828.20. Following the transaction, the insider now directly owns 1,279,524 shares in the company, valued at $9,404,501.40. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 72,039 shares of company stock worth $535,259 in the last ninety days. 6.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley raised their price target on Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an “equal weight” rating in a report on Monday, May 5th. The Goldman Sachs Group raised their price target on Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 price target (up previously from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Finally, Craig Hallum began coverage on Adaptive Biotechnologies in a research report on Wednesday. They set a “buy” rating and a $15.00 price objective on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.57.

Adaptive Biotechnologies Company 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.