Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 52-Week High – Time to Buy?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price reached a new 52-week high on Friday . The stock traded as high as $13.68 and last traded at $13.49, with a volume of 3092417 shares trading hands. The stock had previously closed at $12.42.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADPT. Piper Sandler boosted their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. TD Cowen boosted their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Craig Hallum started coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Adaptive Biotechnologies presently has an average rating of “Moderate Buy” and a consensus price target of $12.38.

Adaptive Biotechnologies Price Performance

The business has a fifty day simple moving average of $11.94 and a 200 day simple moving average of $9.92. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -15.38 and a beta of 1.93.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, August 5th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07. The business had revenue of $49.94 million during the quarter, compared to analysts’ expectations of $49.40 million. Adaptive Biotechnologies had a negative return on equity of 60.93% and a negative net margin of 59.07%.The business’s revenue was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. On average, research analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADPT. Northern Trust Corp grew its position in Adaptive Biotechnologies by 13.5% in the fourth quarter. Northern Trust Corp now owns 1,093,981 shares of the company’s stock worth $6,558,000 after acquiring an additional 130,449 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Adaptive Biotechnologies by 794.0% during the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company’s stock worth $4,417,000 after buying an additional 654,309 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter worth $319,000. Deutsche Bank AG boosted its position in shares of Adaptive Biotechnologies by 397.6% during the fourth quarter. Deutsche Bank AG now owns 630,577 shares of the company’s stock worth $3,783,000 after buying an additional 503,842 shares during the period. Finally, Graham Capital Management L.P. purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter worth $245,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

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.