Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 1-Year High – Time to Buy?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $13.40 and last traded at $13.22, with a volume of 558291 shares changing hands. The stock had previously closed at $12.63.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ADPT shares. Piper Sandler increased their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. Morgan Stanley raised their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Monday, May 5th. The Goldman Sachs Group raised their price objective on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. JPMorgan Chase & Co. raised their price objective on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Finally, Craig Hallum assumed coverage on shares of Adaptive Biotechnologies in a research note on Wednesday, June 18th. They set a “buy” rating and a $15.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Adaptive Biotechnologies presently has an average rating of “Moderate Buy” and a consensus target price of $12.38.

Adaptive Biotechnologies Price Performance

The stock’s 50-day moving average is $11.42 and its 200-day moving average is $9.43. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -15.85 and a beta of 1.92.

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

Hedge Funds Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System increased its position in shares of Adaptive Biotechnologies by 1.0% in the 2nd quarter. California State Teachers Retirement System now owns 98,321 shares of the company’s stock worth $1,145,000 after purchasing an additional 933 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Adaptive Biotechnologies by 7.6% in the 2nd quarter. Captrust Financial Advisors now owns 15,762 shares of the company’s stock worth $184,000 after purchasing an additional 1,119 shares during the last quarter. Verdence Capital Advisors LLC increased its position in shares of Adaptive Biotechnologies by 6.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 22,315 shares of the company’s stock worth $260,000 after purchasing an additional 1,426 shares during the last quarter. Fox Run Management L.L.C. increased its position in shares of Adaptive Biotechnologies by 8.2% in the 1st quarter. Fox Run Management L.L.C. now owns 21,565 shares of the company’s stock worth $160,000 after purchasing an additional 1,631 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Adaptive Biotechnologies by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company’s stock worth $395,000 after purchasing an additional 2,625 shares during the last quarter. 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.