Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 4.5% – Should You Sell?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares fell 4.5% on Tuesday . The stock traded as low as $4.44 and last traded at $4.47. 435,422 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,402,044 shares. The stock had previously closed at $4.68.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ADPT. JPMorgan Chase & Co. increased their price objective on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. BTIG Research raised their price target on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Adaptive Biotechnologies Stock Down 4.5 %

The company’s 50 day moving average price is $4.95 and its 200-day moving average price is $4.27.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of institutional investors and hedge funds have recently modified their holdings of ADPT. Millennium Management LLC lifted its holdings in shares of Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after buying an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP raised its stake in Adaptive Biotechnologies by 33.3% in the second quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after purchasing an additional 3,500,000 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Adaptive Biotechnologies by 50.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after purchasing an additional 1,319,709 shares in the last quarter. ARK Investment Management LLC raised its stake in Adaptive Biotechnologies by 8.1% in the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after purchasing an additional 850,704 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Adaptive Biotechnologies by 12.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after purchasing an additional 834,253 shares in the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

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.