Wealth Enhancement Advisory Services LLC Invests $87,000 in Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Wealth Enhancement Advisory Services LLC acquired a new position in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,746 shares of the company’s stock, valued at approximately $87,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ADPT. Proficio Capital Partners LLC purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth approximately $93,000. Charles Schwab Investment Management Inc. boosted its stake in Adaptive Biotechnologies by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 956,574 shares of the company’s stock worth $5,735,000 after buying an additional 39,831 shares in the last quarter. Arizona State Retirement System purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth approximately $179,000. Amundi boosted its stake in Adaptive Biotechnologies by 41.2% in the fourth quarter. Amundi now owns 15,532 shares of the company’s stock worth $93,000 after buying an additional 4,531 shares in the last quarter. Finally, Swiss National Bank purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth approximately $1,218,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Up 1.3%

Shares of Adaptive Biotechnologies stock opened at $12.08 on Friday. The company has a market cap of $1.84 billion, a PE ratio of -12.58 and a beta of 1.83. The business has a 50 day moving average of $10.19 and a 200 day moving average of $8.46. Adaptive Biotechnologies Corporation has a 52 week low of $3.51 and a 52 week high of $12.43.

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

Wall Street Analysts Forecast Growth

ADPT has been the subject of several research reports. 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 note on Friday, May 2nd. Morgan Stanley upped their target price on Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Monday, May 5th. Craig Hallum began coverage on Adaptive Biotechnologies in a research report on Wednesday, June 18th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, Piper Sandler reiterated an “overweight” rating and issued a $13.00 price objective (up previously from $11.00) on shares of Adaptive Biotechnologies in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.57.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of the stock in a transaction 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 transaction, the insider owned 1,279,524 shares in the company, valued at approximately $9,404,501.40. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.40% of the stock is currently owned by corporate insiders.

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.