Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 6.9% – Here’s What Happened

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) shot up 6.9% during mid-day trading on Wednesday . The stock traded as high as $7.82 and last traded at $7.86. 516,703 shares were traded during trading, a decline of 64% from the average session volume of 1,427,025 shares. The stock had previously closed at $7.35.

Analyst Ratings Changes

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

Adaptive Biotechnologies Trading Up 8.4 %

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.71 and a beta of 1.53. The stock has a fifty day moving average of $7.70 and a 200-day moving average of $6.19.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same period in the previous year, the business posted ($0.30) EPS. As a group, equities research analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Chad M. Robins sold 158,921 shares of Adaptive Biotechnologies stock in a transaction on Friday, February 14th. The stock was 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 approximately $21,798,890.46. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Julie Rubinstein sold 59,505 shares of Adaptive Biotechnologies stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total value of $415,344.90. Following the sale, the chief operating officer now directly owns 588,249 shares of the company’s stock, valued at approximately $4,105,978.02. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 755,903 shares of company stock worth $6,025,342. 6.20% of the stock is owned by corporate insiders.

Institutional Trading of Adaptive Biotechnologies

A number of institutional investors have recently bought and sold shares of the company. Rubric Capital Management LP boosted its position in Adaptive Biotechnologies by 2.9% during the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after purchasing an additional 400,000 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Adaptive Biotechnologies by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock worth $64,236,000 after buying an additional 75,448 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Adaptive Biotechnologies by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock worth $20,209,000 after buying an additional 489,555 shares during the last quarter. Soleus Capital Management L.P. lifted its position in shares of Adaptive Biotechnologies by 168.1% in the fourth 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 during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Adaptive Biotechnologies by 0.9% in the fourth 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 last quarter. 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.