Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 6.1% on Insider Selling

Adaptive Biotechnologies Co. (NASDAQ:ADPT) dropped 6.1% on Thursday after an insider sold shares in the company. The company traded as low as $7.46 and last traded at $7.15. Approximately 41,184 shares changed hands during trading, a decline of 98% from the average daily volume of 1,692,515 shares. The stock had previously closed at $7.62.

Specifically, Director Peter M. Neupert sold 10,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $7.05, for a total transaction of $70,500.00. Following the completion of the transaction, the director now directly owns 224,690 shares of the company’s stock, valued at $1,584,064.50. This represents a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Hershberg sold 53,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $7.59, for a total transaction of $402,270.00. Following the transaction, the director now directly owns 69,690 shares of the company’s stock, valued at $528,947.10. This represents a 43.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADPT. 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. BTIG Research increased their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Scotiabank lifted their target price 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. Finally, Piper Sandler reissued an “overweight” rating and set a $11.00 price target (up from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.10.

Adaptive Biotechnologies Trading Down 5.9 %

The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -6.58 and a beta of 1.53. The firm’s 50 day moving average price is $7.65 and its two-hundred day moving average price is $6.09.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate 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 period last year, the business earned ($0.30) EPS. As a group, equities research analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several hedge funds have recently added to or reduced their stakes in ADPT. Voya Investment Management LLC raised its position in shares of Adaptive Biotechnologies by 6,121.7% in the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock valued at $14,560,000 after purchasing an additional 2,389,674 shares during the period. Soleus Capital Management L.P. grew its stake in Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock valued at $17,884,000 after buying an additional 1,870,393 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in 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 valued at $39,597,000 after acquiring an additional 834,253 shares during the period. Ameriprise Financial Inc. lifted its position in Adaptive Biotechnologies by 794.0% during the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company’s stock worth $4,417,000 after acquiring an additional 654,309 shares during the last quarter. Finally, Clearline Capital LP acquired a new stake in Adaptive Biotechnologies during the third quarter worth approximately $3,147,000. 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.