Adaptive Biotechnologies Co. (NASDAQ:ADPT) Sees Significant Drop in Short Interest

Adaptive Biotechnologies Co. (NASDAQ:ADPT) saw a significant decline in short interest in December. As of December 15th, there was short interest totalling 9,030,000 shares, a decline of 5.7% from the November 30th total of 9,580,000 shares. Based on an average trading volume of 1,240,000 shares, the short-interest ratio is currently 7.3 days.

Analysts Set New Price Targets

ADPT has been the subject of a number of analyst reports. BTIG Research lifted their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Piper Sandler upped their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Rubric Capital Management LP boosted its holdings in shares of Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock worth $73,728,000 after buying an additional 400,000 shares during the last quarter. ARK Investment Management LLC grew its position in shares of Adaptive Biotechnologies by 1.7% during the 3rd quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock valued at $59,398,000 after acquiring an additional 189,134 shares during the period. Millennium Management LLC increased its stake in shares of Adaptive Biotechnologies by 1,008.3% during the 2nd 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Adaptive Biotechnologies by 12.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after purchasing an additional 834,253 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake 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. Institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Down 2.9 %

Adaptive Biotechnologies stock opened at $6.11 on Tuesday. The stock has a market cap of $901.71 million, a P/E ratio of -4.56 and a beta of 1.49. The company’s 50 day moving average price is $5.68 and its two-hundred day moving average price is $4.80. Adaptive Biotechnologies has a 52 week low of $2.28 and a 52 week high of $7.07.

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.