Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 6.5% on Insider Selling

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) traded down 6.5% on Friday following insider selling activity. The company traded as low as $7.08 and last traded at $7.26. 739,149 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 1,624,505 shares. The stock had previously closed at $7.77.

Specifically, Director Michelle Renee Griffin sold 15,664 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $7.94, for a total transaction of $124,372.16. Following the completion of the transaction, the director now directly owns 51,685 shares in the company, valued at approximately $410,378.90. This represents a 23.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Chad M. Robins sold 117,351 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $819,109.98. Following the transaction, the chief executive officer now owns 2,814,350 shares of the company’s stock, valued at approximately $19,644,163. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Adaptive Biotechnologies news, COO Julie Rubinstein sold 59,505 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $415,344.90. Following the sale, the chief operating officer now directly owns 588,249 shares in the company, valued at $4,105,978.02. This represents a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. BTIG Research increased their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Scotiabank increased their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. The Goldman Sachs Group increased their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Finally, Piper Sandler reiterated an “overweight” rating and set a $11.00 target price (up from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. 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 stock presently has an average rating of “Moderate Buy” and an average target price of $9.10.

Adaptive Biotechnologies Stock Performance

The stock’s 50-day simple moving average is $7.55 and its 200 day simple moving average is $6.02. The company has a market capitalization of $1.08 billion, a PE ratio of -6.74 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same period in the prior year, the firm posted ($0.30) EPS. On average, analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Ashton Thomas Securities LLC purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $34,000. KBC Group NV purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $50,000. GAMMA Investing LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $59,000. Cibc World Markets Corp purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $65,000. Finally, Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $56,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.