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

Adaptive Biotechnologies (NASDAQ:ADPT) had its price target boosted by analysts at Scotiabank from $10.00 to $12.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 44.06% from the company’s previous close.

A number of other analysts have also commented on ADPT. Piper Sandler lifted their price objective on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. BTIG Research lifted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group lifted their price objective on Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of “Moderate Buy” and an average target price of $8.30.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ:ADPT opened at $8.33 on Thursday. Adaptive Biotechnologies has a twelve month low of $2.28 and a twelve month high of $8.74. The firm has a market cap of $1.23 billion, a PE ratio of -6.22 and a beta of 1.50. The business has a fifty day moving average of $7.01 and a 200-day moving average of $5.64.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 62.06% and a negative net margin of 110.13%. During the same period last year, the firm earned ($0.30) earnings per share. On average, analysts anticipate that Adaptive Biotechnologies will post -1.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently modified their holdings of the stock. Rubric Capital Management LP lifted its holdings in shares of Adaptive Biotechnologies by 2.9% during the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after purchasing an additional 400,000 shares in the last quarter. ARK Investment Management LLC lifted its holdings 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 purchasing an additional 189,134 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock valued at $64,236,000 after purchasing an additional 75,448 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after purchasing an additional 834,253 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Adaptive Biotechnologies by 17.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock valued at $20,209,000 after purchasing an additional 489,555 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.