Adaptive Biotechnologies (NASDAQ:ADPT) Price Target Raised to $34.00

Adaptive Biotechnologies (NASDAQ:ADPT) had its price objective increased by BTIG Research from $25.00 to $34.00 in a report released on Tuesday morning, MarketBeat reports. They currently have a buy rating on the stock.

ADPT has been the topic of a number of other research reports. TD Cowen raised their price objective on Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a “buy” 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Friday, July 17th. Piper Sandler raised their price target on Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Finally, Morgan Stanley boosted their price target 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. Five 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 data from MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.07.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ:ADPT opened at $29.57 on Tuesday. The company’s 50 day moving average price is $24.88 and its two-hundred day moving average price is $19.02. Adaptive Biotechnologies has a 12-month low of $12.00 and a 12-month high of $29.58. The firm has a market cap of $4.72 billion, a PE ratio of -72.12 and a beta of 2.09. The company has a quick ratio of 4.68, a current ratio of 4.79 and a debt-to-equity ratio of 2.22.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly 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). The business had revenue of $71.55 million during the quarter, compared to analyst estimates of $65.44 million. Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. Equities research analysts predict that Adaptive Biotechnologies will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, Director Peter M. Neupert sold 124,690 shares of Adaptive Biotechnologies stock in a transaction on Monday, August 17th. The stock was sold at an average price of $25.15, for a total value of $3,135,953.50. Following the transaction, the director owned 130,625 shares in the company, valued at approximately $3,285,218.75. This trade represents a 48.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Francis Lo sold 115,406 shares of the business’s stock in a transaction 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 transaction, the insider directly owned 220,867 shares of the company’s stock, valued at $6,197,528.02. This trade represents a 34.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 2,005,991 shares of company stock valued at $46,861,901. 5.70% of the stock is currently owned by insiders.

Institutional Trading of Adaptive Biotechnologies

Several large investors have recently bought and sold shares of the business. Arizona State Retirement System boosted its holdings in shares of Adaptive Biotechnologies by 1.3% during the 2nd quarter. Arizona State Retirement System now owns 31,866 shares of the company’s stock worth $684,000 after buying an additional 416 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Adaptive Biotechnologies by 6.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,737 shares of the company’s stock valued at $205,000 after acquiring an additional 941 shares in the last quarter. Assetmark Inc. increased its stake in shares of Adaptive Biotechnologies by 46.4% in the 1st quarter. Assetmark Inc. now owns 4,421 shares of the company’s stock valued at $61,000 after acquiring an additional 1,401 shares in the last quarter. Nykredit A S acquired a new position in shares of Adaptive Biotechnologies during the 2nd quarter valued at $31,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Adaptive Biotechnologies by 197.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,359 shares of the company’s stock valued at $38,000 after acquiring an additional 1,565 shares during the period. 99.17% of the stock is owned by institutional investors and hedge funds.

About Adaptive Biotechnologies

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.