Brokerages Set Adaptive Biotechnologies Co. (NASDAQ:ADPT) PT at $6.40

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $6.40.

Separately, JPMorgan Chase & Co. lifted their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd.

Adaptive Biotechnologies Trading Up 2.0 %

ADPT stock opened at $5.00 on Friday. The company’s 50 day moving average is $4.50 and its two-hundred day moving average is $3.70. Adaptive Biotechnologies has a twelve month low of $2.28 and a twelve month high of $5.73. The stock has a market cap of $736.84 million, a P/E ratio of -3.36 and a beta of 1.42.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. The firm had revenue of $43.19 million during the quarter, compared to analysts’ expectations of $38.63 million. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. Adaptive Biotechnologies’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.33) earnings per share. On average, equities research analysts predict that Adaptive Biotechnologies will post -1.19 earnings per share for the current year.

Institutional Trading of Adaptive Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADPT. Millennium Management LLC grew its stake in shares of Adaptive Biotechnologies by 1,008.3% in the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after purchasing an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP increased its stake in Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after buying an additional 3,500,000 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Adaptive Biotechnologies by 50.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after buying an additional 1,319,709 shares during the period. ARK Investment Management LLC raised its position in Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after buying an additional 850,704 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Adaptive Biotechnologies by 11.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after acquiring an additional 722,924 shares during the period. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.