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

Adaptive Biotechnologies (NASDAQ:ADPT) had its target price hoisted by Guggenheim from $32.00 to $34.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

ADPT has been the topic of several other reports. TD Cowen increased their target price on shares of Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. The Goldman Sachs Group assumed coverage on Adaptive Biotechnologies in a research note on Tuesday, September 29th. They issued a “buy” rating and a $35.00 price target for the company. BTIG Research lifted their price target on Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Piper Sandler upped their price target on Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Morgan Stanley upped their price target on Adaptive Biotechnologies from $22.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.31.

Adaptive Biotechnologies Price Performance

Shares of NASDAQ ADPT opened at $29.48 on Tuesday. The company’s fifty day moving average price is $26.82 and its 200 day moving average price is $20.08. Adaptive Biotechnologies has a 1 year low of $12.00 and a 1 year high of $32.21. The company has a debt-to-equity ratio of 1.82, a current ratio of 3.97 and a quick ratio of 3.87.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.12. Adaptive Biotechnologies had a negative net margin of 23.67% and a negative return on equity of 23.95%. The company had revenue of $83.90 million for the quarter, compared to analyst estimates of $71.57 million. During the same quarter last year, the business earned $0.06 earnings per share. The firm’s revenue was down 10.7% on a year-over-year basis. Equities analysts forecast that Adaptive Biotechnologies will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, CEO Chad Robins sold 321,324 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $25.08, for a total transaction of $8,058,805.92. Following the completion of the sale, the chief executive officer owned 2,180,518 shares of the company’s stock, valued at $54,687,391.44. The trade was a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter M. Neupert sold 124,690 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $25.15, for a total transaction of $3,135,953.50. Following the transaction, the director owned 130,625 shares of the company’s stock, valued at approximately $3,285,218.75. This trade represents a 48.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,071,525 shares of company stock valued at $27,404,692. Insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors have recently bought and sold shares of the company. Arizona State Retirement System increased its stake in 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. lifted its position in shares of Adaptive Biotechnologies by 6.8% in the first 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. Gibbs Wealth Management lifted its position in shares of Adaptive Biotechnologies by 4.6% in the third quarter. Gibbs Wealth Management now owns 26,900 shares of the company’s stock valued at $777,000 after acquiring an additional 1,191 shares in the last quarter. Assetmark Inc. lifted its position in shares of Adaptive Biotechnologies by 46.4% in the first 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. Finally, Nykredit A S purchased a new position in shares of Adaptive Biotechnologies in the second quarter valued at approximately $31,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a biotechnology company focused on using the human immune system to diagnose and treat disease. Based in Seattle, Washington, the company develops technologies that sequence and analyze immune cells and their receptors, generating data for clinical testing, research and drug development. Its products include immunoSEQ, a platform used by researchers and biopharmaceutical companies to study immune responses, and clonoSEQ, a clinical test that detects and monitors minimal residual disease in certain blood cancers.