Adaptive Biotechnologies (NASDAQ:ADPT) Trading Down 8.2% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price traded down 8.2% during trading on Friday . The company traded as low as $7.51 and last traded at $7.55. 1,015,272 shares changed hands during trading, a decline of 31% from the average session volume of 1,472,465 shares. The stock had previously closed at $8.22.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Scotiabank lifted their price target 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. The Goldman Sachs Group raised Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $8.00 to $9.00 in a research report on Friday, March 21st. Piper Sandler reissued an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Finally, BTIG Research lifted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Stock Performance

The firm has a market capitalization of $1.14 billion, a PE ratio of -7.04 and a beta of 1.53. The stock has a fifty day moving average price of $7.88 and a 200-day moving average price of $6.33.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its 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 return on equity of 64.65% and a negative net margin of 89.12%. During the same period last year, the firm earned ($0.30) EPS. Research analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 211,160 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total value of $1,794,860.00. Following the completion of the sale, the chief executive officer now directly owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. This trade represents a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter M. Neupert sold 10,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $7.05, for a total value of $70,500.00. Following the sale, the director now owns 224,690 shares in the company, valued at $1,584,064.50. The trade was a 4.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 757,601 shares of company stock valued at $6,040,624 over the last 90 days. Insiders own 6.20% of the company’s stock.

Institutional Trading of Adaptive Biotechnologies

Institutional investors have recently bought and sold shares of the stock. Impact Partnership Wealth LLC lifted its position in Adaptive Biotechnologies by 8.8% during the 4th quarter. Impact Partnership Wealth LLC now owns 19,078 shares of the company’s stock worth $114,000 after acquiring an additional 1,539 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Adaptive Biotechnologies by 2.7% during the fourth quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock worth $486,000 after purchasing an additional 2,163 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 valued at $395,000 after buying an additional 2,625 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Adaptive Biotechnologies by 10.3% in the 4th 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 during the period. Finally, MetLife Investment Management LLC raised its position in Adaptive Biotechnologies by 5.6% during the 4th 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 during the last quarter. 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.