Nikko Asset Management Americas Inc. Cuts Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Nikko Asset Management Americas Inc. cut its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 11.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,833,137 shares of the company’s stock after selling 900,747 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Adaptive Biotechnologies were worth $40,930,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADPT. GSA Capital Partners LLP purchased a new position in Adaptive Biotechnologies during the third quarter worth about $247,000. Jennison Associates LLC boosted its holdings in Adaptive Biotechnologies by 30.3% during the third quarter. Jennison Associates LLC now owns 231,531 shares of the company’s stock worth $1,185,000 after purchasing an additional 53,908 shares during the last quarter. Intech Investment Management LLC purchased a new position in Adaptive Biotechnologies during the third quarter worth about $176,000. Charles Schwab Investment Management Inc. boosted its holdings in Adaptive Biotechnologies by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 916,743 shares of the company’s stock worth $4,694,000 after purchasing an additional 10,262 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in Adaptive Biotechnologies by 58.7% during the third quarter. Cerity Partners LLC now owns 694,417 shares of the company’s stock worth $3,555,000 after purchasing an additional 256,933 shares during the last quarter. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Up 1.5 %

NASDAQ ADPT opened at $7.28 on Monday. The company’s 50 day moving average is $7.65 and its 200-day moving average is $6.13. Adaptive Biotechnologies Co. has a 12-month low of $2.28 and a 12-month high of $8.95. The firm has a market cap of $1.08 billion, a P/E ratio of -6.68 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, beating 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 company earned ($0.30) EPS. Equities analysts expect that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on ADPT. The Goldman Sachs Group boosted their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Scotiabank boosted their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $11.00 target price (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $9.10.

Insider Activity

In related news, CEO Chad M. Robins sold 211,160 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the sale, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at approximately $21,901,958.50. This represents a 7.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Hershberg sold 53,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $7.59, for a total transaction of $402,270.00. Following the sale, the director now directly owns 69,690 shares in the company, valued at $528,947.10. This trade represents a 43.20 % 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 quarter. Company insiders own 6.20% 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.