Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 3% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADPT. BTIG Research upped their price objective on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. increased their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Adaptive Biotechnologies Stock Down 2.4 %

The firm’s 50-day moving average price is $4.67 and its 200 day moving average price is $3.87. The firm has a market cap of $714.73 million, a P/E ratio of -3.34 and a beta of 1.44.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. During the same quarter in the previous year, the business earned ($0.33) EPS. The firm’s revenue for the quarter was down 11.7% on a year-over-year basis. On average, equities analysts predict that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current year.

Institutional Trading of Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in ADPT. The Manufacturers Life Insurance Company increased its position in shares of Adaptive Biotechnologies by 5.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company’s stock valued at $177,000 after purchasing an additional 2,710 shares during the period. Vontobel Holding Ltd. raised its position in Adaptive Biotechnologies by 30.8% in the third quarter. Vontobel Holding Ltd. now owns 17,000 shares of the company’s stock worth $87,000 after acquiring an additional 4,000 shares in the last quarter. Essex Investment Management Co. LLC lifted its holdings in Adaptive Biotechnologies by 1.9% in the 1st quarter. Essex Investment Management Co. LLC now owns 277,096 shares of the company’s stock valued at $889,000 after acquiring an additional 5,183 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Adaptive Biotechnologies by 29.5% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,576 shares of the company’s stock valued at $131,000 after purchasing an additional 5,826 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Adaptive Biotechnologies by 18.3% in the 2nd quarter. American Century Companies Inc. now owns 45,562 shares of the company’s stock worth $165,000 after purchasing an additional 7,039 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors.

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.