Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 52-Week High After Analyst Upgrade

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s stock price hit a new 52-week high during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $14.00 to $17.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Adaptive Biotechnologies traded as high as $15.94 and last traded at $15.50, with a volume of 1486063 shares traded. The stock had previously closed at $15.17.

A number of other brokerages have also issued reports on ADPT. Guggenheim initiated coverage on shares of Adaptive Biotechnologies in a research note on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price target for the company. Craig Hallum began coverage on shares of Adaptive Biotechnologies in a research note on Wednesday, June 18th. They set a “buy” rating and a $15.00 target price for the company. Piper Sandler boosted their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Wednesday, October 8th. Finally, TD Cowen boosted their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.56.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently modified their holdings of the company. Sound Income Strategies LLC bought a new position in shares of Adaptive Biotechnologies during the third quarter worth about $30,000. Personal CFO Solutions LLC bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $84,000. Blair William & Co. IL bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $84,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $87,000. Finally, Candriam S.C.A. bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $90,000. Institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Up 2.2%

The firm’s 50-day moving average price is $13.26 and its 200 day moving average price is $10.86. The firm has a market cap of $2.36 billion, a P/E ratio of -18.90 and a beta of 2.06.

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

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.