Adaptive Biotechnologies (NASDAQ:ADPT) Raised to “Buy” at The Goldman Sachs Group

Adaptive Biotechnologies (NASDAQ:ADPT) was upgraded by equities research analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat.com reports. The firm currently has a $9.00 target price on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 16.13% from the stock’s current price.

Several other equities analysts have also issued reports on ADPT. Scotiabank lifted their price target 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. BTIG Research increased their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Piper Sandler restated an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $9.40.

Adaptive Biotechnologies Price Performance

Shares of ADPT stock opened at $7.75 on Friday. The stock’s 50-day moving average is $7.70 and its 200 day moving average is $6.19. Adaptive Biotechnologies has a 1-year low of $2.28 and a 1-year high of $8.95. The company has a market cap of $1.15 billion, a P/E ratio of -7.11 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the company posted ($0.30) EPS. On average, analysts anticipate that Adaptive Biotechnologies will post -0.92 EPS for the current year.

Insider Buying and Selling

In other news, CFO Kyle Piskel sold 10,320 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $72,033.60. Following the completion of the transaction, the chief financial officer now directly owns 269,010 shares in the company, valued at $1,877,689.80. This trade represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert Hershberg sold 53,000 shares of Adaptive Biotechnologies stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $7.59, for a total value of $402,270.00. Following the sale, the director now directly owns 69,690 shares of the company’s stock, valued at $528,947.10. This trade represents a 43.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 755,903 shares of company stock worth $6,025,342 in the last 90 days. Insiders own 6.20% of the company’s stock.

Institutional Trading of Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. KBC Group NV purchased a new stake in Adaptive Biotechnologies in the fourth quarter valued at $50,000. Townsquare Capital LLC purchased a new stake in shares of Adaptive Biotechnologies in the third quarter worth about $56,000. GAMMA Investing LLC purchased a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth about $59,000. Cibc World Markets Corp acquired a new stake in Adaptive Biotechnologies during the fourth quarter worth about $65,000. Finally, Centiva Capital LP purchased a new position in Adaptive Biotechnologies during the third quarter valued at approximately $80,000. 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.