Adaptive Biotechnologies (NASDAQ:ADPT – Get Free Report) had its target price raised by equities research analysts at BTIG Research from $7.00 to $8.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price indicates a potential upside of 56.56% from the stock’s previous close.
Separately, JPMorgan Chase & Co. lifted their price objective on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.00.
Read Our Latest Analysis on ADPT
Adaptive Biotechnologies Trading Up 1.8 %
Adaptive Biotechnologies (NASDAQ:ADPT – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.02. The business had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The company’s quarterly revenue was down 11.7% on a year-over-year basis. During the same period last year, the firm earned ($0.33) earnings per share. Research analysts forecast that Adaptive Biotechnologies will post -1.19 earnings per share for the current year.
Institutional Investors Weigh In On Adaptive Biotechnologies
A number of hedge funds have recently modified their holdings of the business. Manchester Capital Management LLC purchased a new position in shares of Adaptive Biotechnologies in the first quarter valued at approximately $32,000. Rothschild Investment LLC purchased a new position in shares of Adaptive Biotechnologies in the second quarter valued at approximately $36,000. MQS Management LLC purchased a new position in shares of Adaptive Biotechnologies in the second quarter valued at approximately $36,000. Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Adaptive Biotechnologies in the first quarter valued at approximately $46,000. Finally, First Trust Direct Indexing L.P. acquired a new stake in Adaptive Biotechnologies in the first quarter valued at approximately $47,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.
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.
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