Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $4.94, but opened at $5.10. Adaptive Biotechnologies shares last traded at $4.85, with a volume of 69,108 shares traded.

Analyst Upgrades and Downgrades

ADPT has been the topic of a number of analyst reports. BTIG Research lifted their price target on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. raised 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Adaptive Biotechnologies Price Performance

The firm has a market capitalization of $732.42 million, a price-to-earnings ratio of -3.34 and a beta of 1.44. The firm’s fifty day moving average is $4.67 and its 200 day moving average is $3.87.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.02. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The business had revenue of $43.19 million for the quarter, compared to analysts’ expectations of $38.63 million. During the same period in the previous year, the company posted ($0.33) EPS. Adaptive Biotechnologies’s revenue was down 11.7% on a year-over-year basis. Equities research analysts forecast that Adaptive Biotechnologies Co. will post -1.19 EPS for the current fiscal year.

Institutional Trading of Adaptive Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in ADPT. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Adaptive Biotechnologies by 11.7% in 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 in the last quarter. Millennium Management LLC lifted its position in shares of Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after buying an additional 8,426,580 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Adaptive Biotechnologies during the 1st quarter worth about $519,000. AQR Capital Management LLC increased its holdings in shares of Adaptive Biotechnologies by 244.4% during the 2nd quarter. AQR Capital Management LLC now owns 182,076 shares of the company’s stock valued at $635,000 after acquiring an additional 129,201 shares during the last quarter. Finally, Rubric Capital Management LP raised its stake in shares of 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 acquiring an additional 3,500,000 shares in the last quarter. 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.