Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 17.6% – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares shot up 17.6% on Wednesday . The company traded as high as $7.18 and last traded at $7.14. 382,689 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,393,907 shares. The stock had previously closed at $6.07.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. BTIG Research lifted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Piper Sandler lifted their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Adaptive Biotechnologies Stock Performance

The company has a 50-day moving average of $6.10 and a 200-day moving average of $5.08.

Institutional Trading of Adaptive Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. JTC Employer Solutions Trustee Ltd purchased a new stake in Adaptive Biotechnologies during the 3rd quarter worth about $26,000. Ashton Thomas Securities LLC purchased a new stake in shares of Adaptive Biotechnologies during the third quarter worth about $34,000. MQS Management LLC acquired a new position in shares of Adaptive Biotechnologies in the second quarter valued at approximately $36,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Adaptive Biotechnologies in the second quarter valued at approximately $49,000. Finally, Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies during the third quarter valued at approximately $56,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company 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.