Adaptive Biotechnologies’ (ADPT) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Adaptive Biotechnologies (NASDAQ:ADPT) in a research report report published on Thursday morning,Benzinga reports. They currently have a $11.00 target price on the stock, up from their prior target price of $7.00.

ADPT has been the topic of a number of other reports. Scotiabank boosted their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. The Goldman Sachs Group increased their target price on Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Finally, BTIG Research increased their target price on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.10.

Adaptive Biotechnologies Stock Performance

ADPT opened at $8.27 on Thursday. Adaptive Biotechnologies has a twelve month low of $2.28 and a twelve month high of $8.95. The firm has a market cap of $1.22 billion, a P/E ratio of -7.59 and a beta of 1.50. The business has a 50 day moving average price of $7.20 and a 200 day moving average price of $5.78.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same quarter last year, the firm earned ($0.30) earnings per share. As a group, analysts anticipate that Adaptive Biotechnologies will post -0.94 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Chad M. Robins sold 158,921 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.46, for a total transaction of $1,344,471.66. Following the transaction, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at $21,798,890.46. This represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 469,188 shares of company stock valued at $3,975,795 over the last 90 days. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Large investors have recently made changes to their positions in the company. Vontobel Holding Ltd. lifted its stake in Adaptive Biotechnologies by 30.8% in the third quarter. Vontobel Holding Ltd. now owns 17,000 shares of the company’s stock valued at $87,000 after buying an additional 4,000 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Adaptive Biotechnologies by 63.8% in the third quarter. China Universal Asset Management Co. Ltd. now owns 28,364 shares of the company’s stock valued at $145,000 after buying an additional 11,050 shares during the period. US Bancorp DE lifted its stake in Adaptive Biotechnologies by 77.2% in the third quarter. US Bancorp DE now owns 163,106 shares of the company’s stock valued at $835,000 after buying an additional 71,065 shares during the period. ARK Investment Management LLC lifted its stake in Adaptive Biotechnologies by 1.7% in the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock valued at $59,398,000 after buying an additional 189,134 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new position in Adaptive Biotechnologies in the third quarter valued at about $34,000. Institutional investors and hedge funds 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.