Adaptive Biotechnologies (NASDAQ:ADPT) Earns Overweight Rating from Piper Sandler

Adaptive Biotechnologies (NASDAQ:ADPT)‘s stock had its “overweight” rating reiterated by Piper Sandler in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $11.00 price target on the stock, up from their prior price target of $7.00. Piper Sandler’s price objective points to a potential upside of 33.01% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. BTIG Research increased their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group increased their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Finally, Scotiabank raised their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.10.

Adaptive Biotechnologies Price Performance

Adaptive Biotechnologies stock opened at $8.27 on Thursday. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -7.59 and a beta of 1.50. The firm has a 50-day moving average of $7.20 and a two-hundred day moving average of $5.77. Adaptive Biotechnologies has a 1 year low of $2.28 and a 1 year high of $8.95.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same quarter in the prior year, the firm earned ($0.30) earnings per share. Research analysts expect that Adaptive Biotechnologies will post -0.94 earnings per share for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, CEO Chad M. Robins sold 211,160 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total value of $1,794,860.00. Following the sale, the chief executive officer now directly owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. This trade represents a 7.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 469,188 shares of company stock worth $3,975,795 over the last quarter. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rubric Capital Management LP grew its holdings in Adaptive Biotechnologies by 2.9% in the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock worth $73,728,000 after purchasing an additional 400,000 shares during the last quarter. ARK Investment Management LLC boosted its position in shares of Adaptive Biotechnologies by 1.7% in the 3rd quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock worth $59,398,000 after purchasing an additional 189,134 shares in the last quarter. Vanguard Group Inc. grew its stake in Adaptive Biotechnologies by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock worth $64,236,000 after buying an additional 75,448 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after buying an additional 834,253 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Adaptive Biotechnologies by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock valued at $20,209,000 after buying an additional 489,555 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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.