Adaptive Biotechnologies Co. (NASDAQ:ADPT) Sees Large Decline in Short Interest

Adaptive Biotechnologies Co. (NASDAQ:ADPT) was the target of a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 9,660,000 shares, a decrease of 11.8% from the July 31st total of 10,950,000 shares. Based on an average daily trading volume, of 1,470,000 shares, the days-to-cover ratio is currently 6.6 days.

Adaptive Biotechnologies Stock Up 0.6 %

Shares of ADPT opened at $4.70 on Monday. The business has a 50-day simple moving average of $4.19 and a two-hundred day simple moving average of $3.62. Adaptive Biotechnologies has a 12-month low of $2.28 and a 12-month high of $6.96. The stock has a market cap of $693.11 million, a PE ratio of -3.15 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. The firm had revenue of $43.19 million for the quarter, compared to analyst estimates of $38.63 million. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The company’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.33) EPS. On average, equities research analysts expect that Adaptive Biotechnologies will post -1.19 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Trading of Adaptive Biotechnologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Adaptive Biotechnologies by 28.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,364 shares of the company’s stock valued at $105,000 after buying an additional 4,715 shares during the period. Russell Investments Group Ltd. raised its holdings in Adaptive Biotechnologies by 278.8% during the 4th quarter. Russell Investments Group Ltd. now owns 81,595 shares of the company’s stock worth $400,000 after purchasing an additional 60,055 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Adaptive Biotechnologies by 22.5% during the 4th quarter. Victory Capital Management Inc. now owns 19,087 shares of the company’s stock worth $94,000 after purchasing an additional 3,509 shares during the last quarter. Calton & Associates Inc. acquired a new position in shares of Adaptive Biotechnologies in the 4th quarter worth approximately $117,000. Finally, Versor Investments LP increased its position in shares of Adaptive Biotechnologies by 32.1% during the fourth quarter. Versor Investments LP now owns 25,100 shares of the company’s stock worth $123,000 after buying an additional 6,100 shares during the period. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.