Adaptive Biotechnologies (NASDAQ:ADPT) Shares Down 3% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price was down 3% during mid-day trading on Wednesday . The stock traded as low as $4.80 and last traded at $4.82. Approximately 71,451 shares were traded during trading, a decline of 95% from the average daily volume of 1,442,063 shares. The stock had previously closed at $4.97.

Analysts Set New Price Targets

ADPT has been the subject of several analyst reports. BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Two research 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, Adaptive Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.00.

Adaptive Biotechnologies Stock Performance

The company has a market cap of $691.16 million, a PE ratio of -3.11 and a beta of 1.44. The firm has a fifty day simple moving average of $4.69 and a 200 day simple moving average of $3.88.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The business had revenue of $43.19 million during the quarter, compared to analysts’ expectations of $38.63 million. During the same quarter in the previous year, the business earned ($0.33) EPS. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. As a group, equities analysts predict 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 modified their holdings of ADPT. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Adaptive Biotechnologies during the 3rd quarter worth about $26,000. Manchester Capital Management LLC purchased a new stake in shares of Adaptive Biotechnologies during the 1st quarter worth about $32,000. Rothschild Investment LLC purchased a new stake in shares of Adaptive Biotechnologies during the 2nd quarter worth about $36,000. MQS Management LLC acquired a new position in Adaptive Biotechnologies during the 2nd quarter worth approximately $36,000. Finally, Pinnacle Wealth Planning Services Inc. acquired a new position in Adaptive Biotechnologies during the 1st quarter worth approximately $46,000. Hedge funds and other institutional investors 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.