Adaptive Biotechnologies’ (ADPT) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Adaptive Biotechnologies (NASDAQ:ADPT) in a research report report published on Thursday,Benzinga reports. The firm currently has a $11.00 target price on the stock, up from their previous target price of $7.00.

Several other analysts have also weighed in on the company. The Goldman Sachs Group upped their price objective on Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th. BTIG Research upped their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Finally, Scotiabank lifted their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Adaptive Biotechnologies has a consensus rating of “Moderate Buy” and an average target price of $9.10.

Adaptive Biotechnologies Trading Down 0.5 %

ADPT stock opened at $8.33 on Thursday. The firm’s 50-day moving average is $7.16 and its two-hundred day moving average is $5.75. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -7.64 and a beta of 1.50. Adaptive Biotechnologies has a 52 week low of $2.28 and a 52 week high of $8.95.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the business earned ($0.30) EPS. On average, equities research analysts predict that Adaptive Biotechnologies will post -0.94 earnings per share for the current year.

Insider Transactions at Adaptive Biotechnologies

In related news, CEO Chad M. Robins sold 158,921 shares of Adaptive Biotechnologies stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.46, for a total value of $1,344,471.66. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC raised its holdings in shares of Adaptive Biotechnologies by 6,121.7% during the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock valued at $14,560,000 after acquiring an additional 2,389,674 shares during the period. Soleus Capital Management L.P. grew its position in Adaptive Biotechnologies by 168.1% during the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock worth $17,884,000 after purchasing an additional 1,870,393 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after purchasing an additional 834,253 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Adaptive Biotechnologies by 794.0% in the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company’s stock valued at $4,417,000 after purchasing an additional 654,309 shares in the last quarter. Finally, Clearline Capital LP acquired a new stake in shares of Adaptive Biotechnologies in the third quarter worth $3,147,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.