Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped up before the market opened on Friday . The stock had previously closed at $7.75, but opened at $8.05. Adaptive Biotechnologies shares last traded at $8.35, with a volume of 514,492 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Scotiabank raised their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. BTIG Research raised their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler reissued an “overweight” rating and set a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group raised shares of Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $8.00 to $9.00 in a research report on Friday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Adaptive Biotechnologies presently has a consensus rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Trading Up 3.5 %

The company has a market cap of $1.19 billion, a price-to-earnings ratio of -7.34 and a beta of 1.53. The company’s 50 day moving average price is $7.70 and its 200 day moving average price is $6.19.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same period in the previous year, the business earned ($0.30) earnings per share. Sell-side analysts predict that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Insider Activity at Adaptive Biotechnologies

In related news, Director Peter M. Neupert sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $7.05, for a total value of $70,500.00. Following the completion of the sale, the director now owns 224,690 shares in the company, valued at $1,584,064.50. This trade represents a 4.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Chad M. Robins sold 158,921 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.46, for a total transaction of $1,344,471.66. Following the completion of the sale, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at $21,798,890.46. This trade represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 755,903 shares of company stock worth $6,025,342 over the last 90 days. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV acquired a new position in Adaptive Biotechnologies during the fourth quarter worth about $50,000. Townsquare Capital LLC acquired a new position in Adaptive Biotechnologies during the third quarter worth about $56,000. GAMMA Investing LLC acquired a new position in Adaptive Biotechnologies during the fourth quarter worth about $59,000. Cibc World Markets Corp acquired a new position in Adaptive Biotechnologies during the fourth quarter worth about $65,000. Finally, Centiva Capital LP acquired a new position in Adaptive Biotechnologies during the third quarter worth about $80,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.