Rubric Capital Management LP Grows Position in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Rubric Capital Management LP lifted its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 2.9% in the third quarter, Holdings Channel reports. The firm owned 14,400,000 shares of the company’s stock after purchasing an additional 400,000 shares during the period. Adaptive Biotechnologies makes up about 1.2% of Rubric Capital Management LP’s investment portfolio, making the stock its 19th biggest position. Rubric Capital Management LP owned approximately 0.10% of Adaptive Biotechnologies worth $73,728,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after purchasing an additional 834,253 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Adaptive Biotechnologies by 11.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after acquiring an additional 722,924 shares during the period. Millrace Asset Group Inc. purchased a new position in shares of Adaptive Biotechnologies in the third quarter valued at $1,396,000. Millennium Management LLC grew its holdings in Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after purchasing an additional 8,426,580 shares in the last quarter. Finally, AQR Capital Management LLC lifted 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 worth $635,000 after buying an additional 129,201 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Performance

NASDAQ ADPT opened at $5.68 on Wednesday. Adaptive Biotechnologies Co. has a one year low of $2.28 and a one year high of $6.70. The company has a 50-day simple moving average of $5.00 and a 200-day simple moving average of $4.35. The firm has a market capitalization of $838.25 million, a PE ratio of -4.24 and a beta of 1.45.

Analysts Set New Price Targets

ADPT has been the topic of several analyst reports. BTIG Research lifted their price objective on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd.

Adaptive Biotechnologies 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.