Adaptive Biotechnologies (NASDAQ:ADPT) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) posted its quarterly earnings data on Thursday. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.08, reports. The firm had revenue of $46.44 million for the quarter, compared to the consensus estimate of $40.59 million. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. Adaptive Biotechnologies updated its FY 2024 guidance to EPS.

Adaptive Biotechnologies Stock Performance

Shares of ADPT opened at $5.82 on Friday. The firm has a fifty day moving average of $4.81 and a 200-day moving average of $4.14. The company has a market cap of $858.28 million, a price-to-earnings ratio of -3.96 and a beta of 1.45. Adaptive Biotechnologies has a 1 year low of $2.28 and a 1 year high of $6.33.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ADPT shares. JPMorgan Chase & Co. increased their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. BTIG Research increased their target price on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.25.

Institutional Trading of Adaptive Biotechnologies

Several hedge funds have recently bought and sold shares of the company. Millennium Management LLC raised its holdings in shares of Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after buying an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP boosted its position in Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after acquiring an additional 3,500,000 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Adaptive Biotechnologies by 50.9% during 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 lifted its holdings 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 worth $41,311,000 after purchasing an additional 850,704 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake 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 during the period. 99.17% of the stock is currently owned by institutional investors.

About Adaptive Biotechnologies

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.