Adaptive Biotechnologies (NASDAQ:ADPT) Trading Up 9.5%

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares were up 9.5% during mid-day trading on Thursday . The stock traded as high as $4.85 and last traded at $4.82. Approximately 537,302 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 1,550,359 shares. The stock had previously closed at $4.40.

Wall Street Analyst Weigh In

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

Adaptive Biotechnologies Trading Up 12.0 %

The stock has a market cap of $726.52 million, a price-to-earnings ratio of -3.18 and a beta of 1.35. The firm’s 50-day moving average is $3.86 and its two-hundred day moving average is $3.54.

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

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its stake in shares of Adaptive Biotechnologies by 5.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company’s stock worth $177,000 after acquiring an additional 2,710 shares during the last quarter. Millennium Management LLC increased its position in Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after purchasing an additional 8,426,580 shares during the last quarter. Deerfield Management Company L.P. Series C increased its position in Adaptive Biotechnologies by 88.2% during the second quarter. Deerfield Management Company L.P. Series C now owns 122,841 shares of the company’s stock worth $445,000 after purchasing an additional 57,554 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Adaptive Biotechnologies by 244.4% in the 2nd quarter. AQR Capital Management LLC now owns 182,076 shares of the company’s stock valued at $635,000 after purchasing an additional 129,201 shares during the last quarter. Finally, Rubric Capital Management LP grew its stake in shares of Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after buying an additional 3,500,000 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.