Bank of New York Mellon Corp Has $2.66 Million Position in Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Bank of New York Mellon Corp lessened its stake in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) by 1.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 358,068 shares of the company’s stock after selling 5,838 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.24% of Adaptive Biotechnologies worth $2,660,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ADPT. Renaissance Technologies LLC raised its position in Adaptive Biotechnologies by 35.6% during the 4th quarter. Renaissance Technologies LLC now owns 229,785 shares of the company’s stock worth $1,378,000 after purchasing an additional 60,385 shares during the last quarter. GAMMA Investing LLC boosted its position in Adaptive Biotechnologies by 36.5% during 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 during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Adaptive Biotechnologies during the first quarter worth approximately $87,000. Janus Henderson Group PLC acquired a new position in Adaptive Biotechnologies in the fourth quarter valued at approximately $281,000. Finally, Exchange Traded Concepts LLC acquired a new position in Adaptive Biotechnologies in the first quarter valued at approximately $634,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

Analyst Ratings Changes

ADPT has been the subject of several research analyst reports. 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. Craig Hallum started coverage on shares of Adaptive Biotechnologies in a research report on Wednesday, June 18th. They set a “buy” rating and a $15.00 target price for the company. The Goldman Sachs Group increased their price objective 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, Morgan Stanley raised their price target on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an “equal weight” rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.57.

Insider Buying and Selling at Adaptive Biotechnologies

In related news, insider Harlan S. Robins sold 68,412 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $7.35, for a total transaction of $502,828.20. Following the sale, the insider directly owned 1,279,524 shares in the company, valued at approximately $9,404,501.40. This represents a 5.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.40% of the stock is owned by insiders.

Adaptive Biotechnologies Stock Performance

ADPT opened at $10.75 on Monday. The firm has a market cap of $1.63 billion, a P/E ratio of -11.20 and a beta of 1.83. The firm has a 50-day moving average of $10.54 and a 200 day moving average of $8.82. Adaptive Biotechnologies Corporation has a fifty-two week low of $3.85 and a fifty-two week 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 62.79% and a negative net margin of 74.84%. The business had revenue of $52.44 million during the quarter, compared to the consensus estimate of $42.13 million. During the same period last year, the business posted ($0.33) earnings per share. The business’s revenue for the quarter was up 25.2% on a year-over-year basis. Equities research analysts predict that Adaptive Biotechnologies Corporation will post -0.92 earnings per share 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.