Principal Financial Group Inc. Purchases 141,691 Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Principal Financial Group Inc. increased its position in Adaptive Biotechnologies Corporation (NASDAQ:ADPT) by 98.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 285,135 shares of the company’s stock after buying an additional 141,691 shares during the quarter. Principal Financial Group Inc. owned 0.19% of Adaptive Biotechnologies worth $2,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position 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 valued at $5,735,000 after purchasing an additional 39,831 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Adaptive Biotechnologies in the fourth quarter valued at approximately $93,000. Amundi lifted its position in Adaptive Biotechnologies by 41.2% in the fourth quarter. Amundi now owns 15,532 shares of the company’s stock valued at $93,000 after purchasing an additional 4,531 shares during the last quarter. Swiss National Bank purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $1,218,000. Finally, Cibc World Markets Corp purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $65,000. Institutional investors own 99.17% of the company’s stock.

Insider Transactions at Adaptive Biotechnologies

In related news, insider Harlan S. Robins sold 68,412 shares of the company’s stock in a transaction dated 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 directly owned 1,279,524 shares of the company’s stock, valued at $9,404,501.40. This represents a 5.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 6.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADPT has been the topic of several research analyst reports. Morgan Stanley boosted their target price 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. Craig Hallum started coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a “buy” rating and a $15.00 price target on the stock. The Goldman Sachs Group upped their price target on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 price target (up from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.57.

Adaptive Biotechnologies Stock Down 1.0%

ADPT opened at $10.39 on Friday. The business has a fifty day moving average of $10.40 and a 200 day moving average of $8.66. Adaptive Biotechnologies Corporation has a 52-week low of $3.85 and a 52-week high of $12.43. The stock has a market cap of $1.58 billion, a P/E ratio of -10.82 and a beta of 1.83.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued 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 business 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 business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.33) EPS. Equities analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current fiscal 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.