Piper Sandler Forecasts Strong Price Appreciation for Adaptive Biotechnologies (NASDAQ:ADPT) Stock

Adaptive Biotechnologies (NASDAQ:ADPT) had its target price lifted by Piper Sandler from $6.00 to $7.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 18.04% from the company’s current price.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. BTIG Research increased their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd.

Adaptive Biotechnologies Stock Down 8.6 %

Shares of NASDAQ ADPT opened at $5.93 on Monday. The company’s fifty day simple moving average is $4.88 and its 200 day simple moving average is $4.21. Adaptive Biotechnologies has a 12-month low of $2.28 and a 12-month high of $6.70. The firm has a market cap of $874.50 million, a PE ratio of -4.43 and a beta of 1.45.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ADPT. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of 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 acquiring an additional 722,924 shares during the last quarter. Millennium Management LLC grew its holdings in Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after purchasing an additional 8,426,580 shares during the period. Acadian Asset Management LLC purchased a new stake in Adaptive Biotechnologies in the first quarter worth $519,000. AQR Capital Management LLC increased its holdings in Adaptive Biotechnologies by 244.4% in the 2nd quarter. AQR Capital Management LLC now owns 182,076 shares of the company’s stock worth $635,000 after acquiring an additional 129,201 shares during the last quarter. Finally, Rubric Capital Management LP lifted its holdings in Adaptive Biotechnologies by 33.3% during 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. Hedge funds and other 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.