Adaptive Biotechnologies (NASDAQ:ADPT) Upgraded to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies (NASDAQ:ADPT) from a neutral rating to a buy rating in a report issued on Friday, MarketBeat reports. The Goldman Sachs Group currently has $9.00 price target on the stock, up from their previous price target of $8.00.

Other research analysts have also issued research reports about the company. Piper Sandler restated an “overweight” rating and set a $11.00 target price (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Scotiabank boosted 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. Finally, BTIG Research boosted their target price on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $9.40.

Adaptive Biotechnologies Trading Up 8.4 %

ADPT opened at $8.40 on Friday. The firm has a market cap of $1.25 billion, a P/E ratio of -7.71 and a beta of 1.53. Adaptive Biotechnologies has a 12 month low of $2.28 and a 12 month high of $8.95. The stock has a 50-day moving average of $7.74 and a 200 day moving average of $6.22.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly 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 period last year, the company earned ($0.30) earnings per share. On average, research analysts forecast that Adaptive Biotechnologies will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert Hershberg sold 53,000 shares of Adaptive Biotechnologies stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total transaction of $402,270.00. Following the completion of the sale, the director now owns 69,690 shares of the company’s stock, valued at approximately $528,947.10. The trade was a 43.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $7.05, for a total transaction of $70,500.00. Following the sale, the director now directly owns 224,690 shares of the company’s stock, valued at $1,584,064.50. This represents a 4.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 755,903 shares of company stock valued at $6,025,342. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of large investors have recently bought and sold shares of the business. Impact Partnership Wealth LLC raised its stake in Adaptive Biotechnologies by 8.8% in the fourth quarter. Impact Partnership Wealth LLC now owns 19,078 shares of the company’s stock worth $114,000 after buying an additional 1,539 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Adaptive Biotechnologies by 2.7% in the fourth quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock worth $486,000 after buying an additional 2,163 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Adaptive Biotechnologies by 4.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company’s stock worth $395,000 after buying an additional 2,625 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Adaptive Biotechnologies by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,292 shares of the company’s stock worth $188,000 after buying an additional 2,928 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in Adaptive Biotechnologies by 5.6% in the fourth quarter. MetLife Investment Management LLC now owns 68,976 shares of the company’s stock worth $414,000 after buying an additional 3,650 shares in the last quarter. Institutional investors 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.