Adaptive Biotechnologies (NASDAQ:ADPT) Earns “Overweight” Rating from Piper Sandler

Adaptive Biotechnologies (NASDAQ:ADPT)‘s stock had its “overweight” rating reaffirmed by equities researchers at Piper Sandler in a report released on Thursday,Benzinga reports. They presently have a $11.00 target price on the stock, up from their previous target price of $7.00. Piper Sandler’s price target indicates a potential upside of 29.89% from the company’s current price.

Several other research analysts have also commented on ADPT. The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. BTIG Research upped their price target 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. Finally, Scotiabank boosted 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. 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 company has a consensus rating of “Moderate Buy” and an average target price of $9.10.

Adaptive Biotechnologies Price Performance

Adaptive Biotechnologies stock traded up $0.10 during midday trading on Thursday, hitting $8.47. 850,799 shares of the stock were exchanged, compared to its average volume of 1,592,443. Adaptive Biotechnologies has a 1 year low of $2.28 and a 1 year high of $8.95. The firm has a market cap of $1.25 billion, a P/E ratio of -7.77 and a beta of 1.50. The company has a 50 day moving average price of $7.12 and a two-hundred day moving average price of $5.73.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted ($0.30) EPS. As a group, analysts predict that Adaptive Biotechnologies will post -0.94 EPS for the current year.

Insider Activity

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 211,160 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total value of $1,794,860.00. Following the transaction, the chief executive officer now owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. This represents a 7.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ADPT. Voya Investment Management LLC increased its stake in Adaptive Biotechnologies by 6,121.7% in the 4th quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock valued at $14,560,000 after buying an additional 2,389,674 shares during the period. Soleus Capital Management L.P. increased 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 period. Sumitomo Mitsui Trust Group Inc. increased its stake 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 buying an additional 834,253 shares during the period. Ameriprise Financial Inc. grew its position in Adaptive Biotechnologies by 794.0% in 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 in the last quarter. Finally, Clearline Capital LP bought a new stake in Adaptive Biotechnologies in the third quarter worth approximately $3,147,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.