California State Teachers Retirement System Cuts Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

California State Teachers Retirement System cut its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 5.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 102,470 shares of the company’s stock after selling 6,392 shares during the quarter. California State Teachers Retirement System owned approximately 0.07% of Adaptive Biotechnologies worth $329,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADPT. Cerity Partners LLC purchased a new position in Adaptive Biotechnologies during the fourth quarter worth about $665,000. Strs Ohio raised its position in Adaptive Biotechnologies by 4.5% in the fourth quarter. Strs Ohio now owns 87,500 shares of the company’s stock worth $428,000 after acquiring an additional 3,800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Adaptive Biotechnologies by 28.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,364 shares of the company’s stock worth $105,000 after acquiring an additional 4,715 shares during the period. abrdn plc bought a new stake in Adaptive Biotechnologies in the fourth quarter worth about $4,576,000. Finally, Jennison Associates LLC raised its position in Adaptive Biotechnologies by 6.4% in the fourth quarter. Jennison Associates LLC now owns 143,220 shares of the company’s stock worth $702,000 after acquiring an additional 8,595 shares during the period. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Down 2.0 %

NASDAQ ADPT opened at $4.83 on Monday. The company’s 50 day moving average is $3.91 and its 200-day moving average is $3.55. Adaptive Biotechnologies Co. has a 12-month low of $2.28 and a 12-month high of $6.96. The firm has a market cap of $711.79 million, a P/E ratio of -3.24 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.02. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 57.43%. The company had revenue of $43.19 million for the quarter, compared to analyst estimates of $38.63 million. During the same quarter in the previous year, the firm posted ($0.33) earnings per share. The company’s quarterly revenue was down 11.7% compared to the same quarter last year. Equities analysts expect that Adaptive Biotechnologies Co. will post -1.29 EPS for the current year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lifted their price objective on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.40.

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.