Adaptive Biotechnologies Co. (NASDAQ:ADPT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) have been given a consensus rating of “Moderate Buy” by the six brokerages that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $7.00.

ADPT has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. BTIG Research raised their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently bought and sold shares of the business. Rubric Capital Management LP grew its stake in Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after purchasing an additional 3,500,000 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Adaptive Biotechnologies by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock worth $41,312,000 after acquiring an additional 102,134 shares in the last quarter. ARK Investment Management LLC boosted its position in Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after purchasing an additional 850,704 shares during the period. Millennium Management LLC increased its position in 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 period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position 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 buying an additional 722,924 shares during the period. Institutional investors and hedge funds own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ:ADPT opened at $4.68 on Wednesday. The company has a market cap of $689.68 million, a P/E ratio of -3.14 and a beta of 1.44. Adaptive Biotechnologies has a one year low of $2.28 and a one year high of $5.80. The business’s 50-day simple moving average is $4.69 and its 200 day simple moving average is $3.91.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its 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. The business had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The company’s revenue was down 11.7% on a year-over-year basis. During the same period last year, the business posted ($0.33) EPS. Analysts predict that Adaptive Biotechnologies will post -1.19 earnings per share for the current year.

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.