Adaptive Biotechnologies (NASDAQ:ADPT) Posts Earnings Results, Misses Expectations By $1.08 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) announced its quarterly earnings results on Tuesday. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($1.08), Bloomberg Earnings reports. The firm had revenue of $22.10 million for the quarter, compared to analyst estimates of $19.39 million. Adaptive Biotechnologies’s quarterly revenue was up 90.5% on a year-over-year basis.

Adaptive Biotechnologies stock traded up $1.07 during mid-day trading on Tuesday, reaching $43.08. 434,513 shares of the company were exchanged, compared to its average volume of 733,056. Adaptive Biotechnologies has a 12-month low of $34.11 and a 12-month high of $51.00.

ADPT has been the subject of a number of recent analyst reports. Guggenheim began coverage on shares of Adaptive Biotechnologies in a report on Monday, July 22nd. They set a “buy” rating and a $47.00 price target for the company. JPMorgan Chase & Co. began coverage on shares of Adaptive Biotechnologies in a report on Monday, July 22nd. They issued an “overweight” rating and a $45.00 target price for the company. William Blair began coverage on shares of Adaptive Biotechnologies in a report on Monday, July 22nd. They issued an “outperform” rating for the company. BTIG Research began coverage on shares of Adaptive Biotechnologies in a report on Tuesday, July 23rd. They issued a “buy” rating and a $46.00 target price for the company. Finally, Goldman Sachs Group began coverage on shares of Adaptive Biotechnologies in a report on Monday, July 22nd. They issued a “neutral” rating and a $32.00 target price for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $43.00.

In other Adaptive Biotechnologies news, major shareholder Viking Global Performance Llc acquired 250,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was purchased at an average price of $20.00 per share, for a total transaction of $5,000,000.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Nancy Louise Hill acquired 11,200 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were acquired at an average price of $20.00 per share, with a total value of $224,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 262,200 shares of company stock valued at $5,244,000.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies Corporation develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ research service and kit that is used to answer research questions that inform current and future clinical trials, as well as to discover new prognostic and diagnostic signals.

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