Adaptive Biotechnologies (NASDAQ:ADPT) Sets New 52-Week High – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $10.37 and last traded at $10.12, with a volume of 306573 shares changing hands. The stock had previously closed at $9.87.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADPT. The Goldman Sachs Group upped their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Piper Sandler reissued an “overweight” rating and set a $13.00 price objective (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Morgan Stanley raised their target price on Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an “equal weight” rating in a report on Monday, May 5th. Finally, Scotiabank lifted their target price 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. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has an average rating of “Moderate Buy” and a consensus price target of $9.83.

Adaptive Biotechnologies Trading Up 2.2%

The stock’s 50-day simple moving average is $8.51 and its 200-day simple moving average is $7.63. The firm has a market capitalization of $1.53 billion, a P/E ratio of -9.26 and a beta of 1.80.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.08. The firm had revenue of $52.44 million for the quarter, compared to the consensus estimate of $42.13 million. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. The company’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.33) EPS. On average, equities research analysts expect that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Insiders Place Their Bets

In related news, Director Peter M. Neupert sold 10,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $7.05, for a total transaction of $70,500.00. Following the completion of the transaction, the director now owns 224,690 shares in the company, valued at approximately $1,584,064.50. This represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Harlan S. Robins sold 68,412 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $7.35, for a total transaction of $502,828.20. Following the sale, the insider now owns 1,279,524 shares of the company’s stock, valued at $9,404,501.40. This trade represents a 5.08% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 135,039 shares of company stock valued at $1,008,029. Insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. KBC Group NV bought a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth approximately $50,000. Cibc World Markets Corp purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth $65,000. Blair William & Co. IL bought a new stake in shares of Adaptive Biotechnologies in the first quarter valued at $84,000. Personal CFO Solutions LLC purchased a new position in shares of Adaptive Biotechnologies during the 1st quarter valued at $84,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Adaptive Biotechnologies during the 1st quarter valued at $87,000. 99.17% of the stock is owned by institutional investors.

Adaptive Biotechnologies Company Profile

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.