Adaptive Biotechnologies Co. (NASDAQ:ADPT) Receives $7.00 Average Price Target from Brokerages

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $7.00.

A number of research analysts have recently issued reports on ADPT shares. BTIG Research lifted their price objective on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Friday, August 2nd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP boosted its holdings in Adaptive Biotechnologies by 33.3% during the second quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after purchasing an additional 3,500,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Adaptive Biotechnologies by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock worth $41,312,000 after purchasing an additional 102,134 shares during the last quarter. ARK Investment Management LLC boosted its holdings in Adaptive Biotechnologies by 8.1% during the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after purchasing an additional 850,704 shares during the last quarter. Millennium Management LLC boosted its holdings in Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after purchasing an additional 8,426,580 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Adaptive Biotechnologies by 11.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after purchasing an additional 722,924 shares during the last quarter. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Trading Up 3.3 %

NASDAQ:ADPT opened at $4.70 on Wednesday. The stock has a market capitalization of $692.63 million, a price-to-earnings ratio of -3.15 and a beta of 1.44. The firm has a fifty day simple moving average of $4.70 and a two-hundred day simple moving average of $3.94. Adaptive Biotechnologies has a 12 month low of $2.28 and a 12 month high of $5.80.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. The business 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%. The business’s quarterly revenue was down 11.7% on a year-over-year basis. During the same period last year, the company posted ($0.33) earnings per share. Equities analysts predict that Adaptive Biotechnologies will post -1.19 earnings per share for the current fiscal year.

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.