Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High – Here’s Why

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) hit a new 52-week high on Monday . The stock traded as high as $9.01 and last traded at $8.90, with a volume of 713734 shares. The stock had previously closed at $8.40.

Analyst Ratings Changes

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

Adaptive Biotechnologies Price Performance

The firm’s 50 day moving average price is $7.74 and its 200-day moving average price is $6.24. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -8.13 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping 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 last year, the business posted ($0.30) EPS. Analysts expect that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, insider Francis Lo sold 20,875 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total value of $145,916.25. Following the completion of the transaction, the insider now directly owns 332,846 shares in the company, valued at approximately $2,326,593.54. This represents a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction on Monday, March 10th. The stock was sold at an average price of $7.05, for a total transaction of $70,500.00. Following the sale, the director now owns 224,690 shares in the company, valued at $1,584,064.50. This represents a 4.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 755,903 shares of company stock valued at $6,025,342 over the last three months. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP increased its stake in Adaptive Biotechnologies by 2.9% in the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after acquiring an additional 400,000 shares during the period. Vanguard Group Inc. boosted its holdings in Adaptive Biotechnologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock valued at $64,236,000 after purchasing an additional 75,448 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Adaptive Biotechnologies by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock valued at $20,209,000 after purchasing an additional 489,555 shares during the period. Soleus Capital Management L.P. raised its holdings in shares of Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock worth $17,884,000 after buying an additional 1,870,393 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Adaptive Biotechnologies by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,684,506 shares of the company’s stock worth $16,098,000 after buying an additional 22,628 shares during the period. 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.