Principal Financial Group Inc. Cuts Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Principal Financial Group Inc. decreased its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 46.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,495 shares of the company’s stock after selling 15,009 shares during the period. Principal Financial Group Inc.’s holdings in Adaptive Biotechnologies were worth $63,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ADPT. Rubric Capital Management LP bought a new stake in Adaptive Biotechnologies in the 4th quarter worth about $14,027,000. Braidwell LP raised its holdings in shares of Adaptive Biotechnologies by 40.3% during the fourth quarter. Braidwell LP now owns 1,357,490 shares of the company’s stock valued at $6,652,000 after purchasing an additional 389,800 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Adaptive Biotechnologies by 11.7% during 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 period. Personal CFO Solutions LLC bought a new position in Adaptive Biotechnologies during the fourth quarter valued at approximately $55,000. Finally, Acadian Asset Management LLC purchased a new stake in Adaptive Biotechnologies in the first quarter worth approximately $519,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. upped 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. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $6.40.

Adaptive Biotechnologies Stock Down 0.4 %

ADPT stock opened at $4.59 on Tuesday. The business’s 50-day moving average price is $4.40 and its 200-day moving average price is $3.65. The stock has a market cap of $676.89 million, a P/E ratio of -3.08 and a beta of 1.42. Adaptive Biotechnologies Co. has a twelve month low of $2.28 and a twelve month high of $6.34.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The business had revenue of $43.19 million during the quarter, compared to analyst estimates of $38.63 million. During the same period in the prior year, the business posted ($0.33) earnings per share. The company’s revenue was down 11.7% on a year-over-year basis. On average, equities research analysts expect that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current fiscal year.

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.