Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 7.6% – Should You Buy?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares traded up 7.6% on Wednesday . The stock traded as high as $5.07 and last traded at $5.07. 308,931 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,412,478 shares. The stock had previously closed at $4.71.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. BTIG Research lifted their price target on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price objective on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

Adaptive Biotechnologies Stock Up 9.7 %

The business has a 50-day moving average price of $4.71 and a 200-day moving average price of $4.01. The firm has a market capitalization of $783.08 million, a P/E ratio of -3.56 and a beta of 1.44.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The firm had revenue of $43.19 million for the quarter, compared to analysts’ expectations of $38.63 million. During the same period in the prior year, the business posted ($0.33) earnings per share. The business’s revenue was down 11.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Adaptive Biotechnologies Co. will post -1.19 EPS for the current year.

Institutional Trading of Adaptive Biotechnologies

A number of large investors have recently bought and sold shares of ADPT. Millennium Management LLC boosted its stake in Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after purchasing an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP increased its holdings in Adaptive Biotechnologies by 33.3% in the second quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after purchasing an additional 3,500,000 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Adaptive Biotechnologies by 50.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after purchasing an additional 1,319,709 shares during the last quarter. ARK Investment Management LLC increased its holdings in Adaptive Biotechnologies by 8.1% in the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after purchasing an additional 850,704 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Adaptive Biotechnologies by 11.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock valued at $24,977,000 after purchasing an additional 722,924 shares during the last quarter. 99.17% of the stock is currently owned by institutional investors.

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.