Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 6.6% – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares fell 6.6% during mid-day trading on Wednesday . The company traded as low as $6.06 and last traded at $6.09. 846,389 shares traded hands during trading, a decline of 40% from the average session volume of 1,409,359 shares. The stock had previously closed at $6.52.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler increased their target price on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. BTIG Research raised their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday.

Adaptive Biotechnologies Stock Performance

The firm has a market capitalization of $881.05 million, a PE ratio of -4.46 and a beta of 1.49. The company has a fifty day simple moving average of $5.43 and a two-hundred day simple moving average of $4.63.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Adaptive Biotechnologies by 12.1% in 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 acquiring an additional 834,253 shares during the period. Millrace Asset Group Inc. bought a new stake in Adaptive Biotechnologies during the third quarter valued at about $1,396,000. Point72 Asset Management L.P. purchased a new position in Adaptive Biotechnologies in the third quarter valued at about $2,537,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Adaptive Biotechnologies by 11.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after purchasing an additional 722,924 shares in the last quarter. Finally, Rubric Capital Management LP lifted its position in shares of Adaptive Biotechnologies by 2.9% during the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after buying an additional 400,000 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.