Adaptive Biotechnologies (NASDAQ:ADPT) Given “Overweight” Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Adaptive Biotechnologies (NASDAQ:ADPT) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $11.00 price objective on the stock, up from their prior price objective of $7.00.

A number of other equities analysts have also recently weighed in on ADPT. BTIG Research upped their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group upped their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Finally, Scotiabank lifted their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.10.

Adaptive Biotechnologies Stock Performance

Adaptive Biotechnologies stock opened at $8.33 on Thursday. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -7.64 and a beta of 1.50. Adaptive Biotechnologies has a 1 year low of $2.28 and a 1 year high of $8.95. The firm has a 50 day moving average price of $7.16 and a 200 day moving average price of $5.75.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same period last year, the company posted ($0.30) EPS. Sell-side analysts predict that Adaptive Biotechnologies will post -0.94 EPS for the current year.

Insider Buying and Selling

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 211,160 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total value of $1,794,860.00. Following the sale, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at $21,901,958.50. This trade represents a 7.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several hedge funds and other institutional investors have recently modified their holdings of ADPT. Rubric Capital Management LP lifted its position in Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after purchasing an additional 400,000 shares during the last quarter. ARK Investment Management LLC increased its stake in shares of Adaptive Biotechnologies by 1.7% in the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock valued at $59,398,000 after purchasing an additional 189,134 shares during the period. Vanguard Group Inc. increased its stake in shares of Adaptive Biotechnologies by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock valued at $64,236,000 after purchasing an additional 75,448 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after buying an additional 834,253 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Adaptive Biotechnologies by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock worth $20,209,000 after buying an additional 489,555 shares during the period. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.