Short Interest in Adaptive Biotechnologies Co. (NASDAQ:ADPT) Drops By 5.5%

Adaptive Biotechnologies Co. (NASDAQ:ADPT) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 8,960,000 shares, a drop of 5.5% from the October 15th total of 9,480,000 shares. Based on an average daily volume of 1,050,000 shares, the short-interest ratio is currently 8.5 days.

Analyst Ratings Changes

ADPT has been the subject of a number of research reports. Piper Sandler upped their price objective on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. BTIG Research upped their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd.

Institutional Trading of Adaptive Biotechnologies

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in shares of Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after buying an additional 8,426,580 shares during the period. Rubric Capital Management LP increased its position in shares of Adaptive Biotechnologies by 33.3% in the second quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $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 acquiring an additional 1,319,709 shares during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Adaptive Biotechnologies by 8.1% during 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. grew its stake in shares of Adaptive Biotechnologies by 12.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after purchasing an additional 834,253 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Price Performance

Shares of ADPT stock opened at $4.48 on Wednesday. The business has a 50-day moving average of $4.96 and a 200 day moving average of $4.29. Adaptive Biotechnologies has a 1-year low of $2.28 and a 1-year high of $6.70. The stock has a market capitalization of $661.16 million, a PE ratio of -3.34 and a beta of 1.45.

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.