Peregrine Capital Management LLC Invests $8.19 Million in Adaptive Biotechnologies Corporation $ADPT

Peregrine Capital Management LLC acquired a new position in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 702,711 shares of the company’s stock, valued at approximately $8,187,000. Peregrine Capital Management LLC owned 0.46% of Adaptive Biotechnologies as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in Adaptive Biotechnologies by 36.5% during the first quarter. GAMMA Investing LLC now owns 13,393 shares of the company’s stock worth $100,000 after acquiring an additional 3,583 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Adaptive Biotechnologies during the first quarter worth about $87,000. Diversified Trust Co acquired a new stake in Adaptive Biotechnologies during the second quarter worth about $438,000. Russell Investments Group Ltd. raised its stake in Adaptive Biotechnologies by 104.7% during the first quarter. Russell Investments Group Ltd. now owns 165,831 shares of the company’s stock worth $1,232,000 after acquiring an additional 84,837 shares during the period. Finally, Blair William & Co. IL acquired a new stake in Adaptive Biotechnologies during the first quarter worth about $84,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

Adaptive Biotechnologies Price Performance

NASDAQ ADPT opened at $17.12 on Tuesday. Adaptive Biotechnologies Corporation has a 12 month low of $4.27 and a 12 month high of $17.89. The firm has a market capitalization of $2.61 billion, a PE ratio of -20.88 and a beta of 2.06. The company’s 50 day simple moving average is $14.17 and its 200 day simple moving average is $11.50.

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

Analyst Ratings Changes

Several brokerages have commented on ADPT. BTIG Research raised their price target on shares of Adaptive Biotechnologies from $14.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Wednesday, October 8th. TD Cowen raised their price target 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. Guggenheim began 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 on the stock. Finally, Piper Sandler raised their price target on shares of Adaptive Biotechnologies from $15.00 to $20.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Adaptive Biotechnologies presently has an average rating of “Moderate Buy” and an average target price of $15.22.

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.