Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 1-Year High After Analyst Upgrade

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) hit a new 52-week high during mid-day trading on Tuesday after BTIG Research raised their price target on the stock from $25.00 to $34.00. BTIG Research currently has a buy rating on the stock. Adaptive Biotechnologies traded as high as $28.78 and last traded at $27.86, with a volume of 1458524 shares traded. The stock had previously closed at $28.61.

Other analysts have also recently issued research reports about the stock. Piper Sandler upped their price target on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. TD Cowen lifted their price objective on Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Morgan Stanley boosted their price objective on Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Guggenheim upped their target price on Adaptive Biotechnologies from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Friday, July 17th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Adaptive Biotechnologies presently has an average rating of “Moderate Buy” and a consensus target price of $27.07.

Insider Activity at Adaptive Biotechnologies

In related news, insider Sharon Benzeno sold 154,768 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $21.14, for a total transaction of $3,271,795.52. Following the transaction, the insider directly owned 221,278 shares of the company’s stock, valued at approximately $4,677,816.92. This represents a 41.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Francis Lo sold 115,406 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $28.06, for a total value of $3,238,292.36. Following the completion of the transaction, the insider owned 220,867 shares in the company, valued at approximately $6,197,528.02. The trade was a 34.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 2,017,025 shares of company stock worth $47,093,615. 5.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Adaptive Biotechnologies in the 2nd quarter valued at $324,735,000. Wellington Management Group LLP raised its holdings in Adaptive Biotechnologies by 53.2% during the second quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company’s stock worth $126,799,000 after buying an additional 2,053,944 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Adaptive Biotechnologies during the fourth quarter worth $65,942,000. Bank of America Corp DE bought a new position in shares of Adaptive Biotechnologies in the second quarter valued at $37,109,000. Finally, PBU The Pension Fund of Early Childhood & Youth Educators acquired a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at about $26,801,000. 99.17% of the stock is owned by institutional investors and hedge funds.

Adaptive Biotechnologies Price Performance

The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. The business’s fifty day moving average price is $24.73 and its 200-day moving average price is $18.91. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of -68.02 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%.The business had revenue of $71.55 million during the quarter, compared to analyst estimates of $65.44 million. During the same quarter in the prior year, the company earned ($0.17) EPS. The company’s revenue was up 21.5% on a year-over-year basis. On average, research analysts forecast that Adaptive Biotechnologies Corporation will post -0.4 EPS for the current year.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.