Cerity Partners LLC Sells 21,433 Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Cerity Partners LLC lessened its stake in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) by 4.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 457,015 shares of the company’s stock after selling 21,433 shares during the quarter. Cerity Partners LLC owned about 0.31% of Adaptive Biotechnologies worth $3,396,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cibc World Markets Corp acquired a new position in Adaptive Biotechnologies in the 4th quarter valued at $65,000. Personal CFO Solutions LLC acquired a new stake in shares of Adaptive Biotechnologies during the first quarter worth $84,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Adaptive Biotechnologies in the first quarter valued at about $87,000. Bridgefront Capital LLC acquired a new position in shares of Adaptive Biotechnologies in the fourth quarter valued at about $80,000. Finally, GAMMA Investing LLC grew its stake in shares of Adaptive Biotechnologies by 36.5% in the first quarter. GAMMA Investing LLC now owns 13,393 shares of the company’s stock valued at $100,000 after acquiring an additional 3,583 shares in the last quarter. Institutional investors own 99.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $13.00 price objective (up previously from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Craig Hallum started coverage on Adaptive Biotechnologies in a research report on Wednesday, June 18th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Morgan Stanley raised their price objective 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. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.57.

Adaptive Biotechnologies Trading Down 1.0%

Shares of Adaptive Biotechnologies stock opened at $10.39 on Friday. The company has a market cap of $1.58 billion, a PE ratio of -10.82 and a beta of 1.83. The company has a 50 day moving average of $10.40 and a 200-day moving average of $8.66. Adaptive Biotechnologies Corporation has a 1-year low of $3.85 and a 1-year high of $12.43.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.08. The firm had revenue of $52.44 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 25.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) earnings per share. Research analysts forecast that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of Adaptive Biotechnologies stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $7.35, for a total value of $502,828.20. Following the transaction, the insider owned 1,279,524 shares in the company, valued at $9,404,501.40. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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.