Adaptive Biotechnologies (NASDAQ:ADPT) Trading Down 4.8% – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price dropped 4.8% during trading on Wednesday . The company traded as low as $4.99 and last traded at $5.00. Approximately 378,947 shares were traded during trading, a decline of 74% from the average daily volume of 1,457,789 shares. The stock had previously closed at $5.25.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADPT shares. BTIG Research lifted their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Two 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 a consensus price target of $7.00.

Adaptive Biotechnologies Stock Down 4.8 %

The company has a market capitalization of $736.84 million, a PE ratio of -3.36 and a beta of 1.44. The firm’s 50-day moving average is $4.62 and its 200-day moving average is $3.80.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $38.63 million. During the same quarter in the prior year, the company earned ($0.33) EPS. The business’s revenue was down 11.7% compared to the same quarter last year. As a group, equities research analysts predict that Adaptive Biotechnologies Co. will post -1.19 EPS for the current year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Large investors have recently made changes to their positions in the company. Personal CFO Solutions LLC purchased a new position in Adaptive Biotechnologies during the 4th quarter valued at about $55,000. Avenir Corp increased its holdings in Adaptive Biotechnologies by 117.1% in the 4th quarter. Avenir Corp now owns 66,365 shares of the company’s stock worth $325,000 after acquiring an additional 35,800 shares in the last quarter. Braidwell LP raised its position in shares of Adaptive Biotechnologies by 40.3% during the 4th quarter. Braidwell LP now owns 1,357,490 shares of the company’s stock worth $6,652,000 after purchasing an additional 389,800 shares during the last quarter. Clear Street Markets LLC acquired a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $100,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Adaptive Biotechnologies in the 1st quarter valued at $47,000. 99.17% of the stock is owned by institutional investors.

Adaptive Biotechnologies Company Profile

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.