Essex Investment Management Co. LLC Cuts Stake in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Essex Investment Management Co. LLC reduced its holdings in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 12.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 625,838 shares of the company’s stock after selling 92,818 shares during the period. Essex Investment Management Co. LLC owned about 0.42% of Adaptive Biotechnologies worth $3,752,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in Adaptive Biotechnologies during the 3rd quarter worth approximately $34,000. KBC Group NV purchased a new stake in Adaptive Biotechnologies during the 4th quarter worth approximately $50,000. Townsquare Capital LLC acquired a new position in Adaptive Biotechnologies during the 3rd quarter worth approximately $56,000. GAMMA Investing LLC acquired a new position in Adaptive Biotechnologies during the 4th quarter worth approximately $59,000. Finally, Centiva Capital LP acquired a new position in Adaptive Biotechnologies during the 3rd quarter worth approximately $80,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on ADPT. Scotiabank boosted their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. Piper Sandler reiterated an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. The Goldman Sachs Group boosted their price target 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, BTIG Research boosted their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.10.

Adaptive Biotechnologies Trading Down 5.4 %

Shares of Adaptive Biotechnologies stock opened at $7.35 on Friday. The company has a fifty day simple moving average of $7.55 and a 200-day simple moving average of $6.03. Adaptive Biotechnologies Co. has a 12-month low of $2.28 and a 12-month high of $8.95. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -6.74 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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 period in the previous year, the business posted ($0.30) earnings per share. On average, analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Chad M. Robins sold 211,160 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the completion of the sale, the chief executive officer now owns 2,576,701 shares in the company, valued at $21,901,958.50. This represents a 7.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Francis Lo sold 20,875 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total transaction of $145,916.25. Following the sale, the insider now owns 332,846 shares of the company’s stock, valued at approximately $2,326,593.54. This represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 692,903 shares of company stock worth $5,552,572 in the last 90 days. Company insiders own 6.20% of the company’s stock.

Adaptive Biotechnologies 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.