Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 7.5% – Here’s Why

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) traded up 7.5% on Monday . The stock traded as high as $5.06 and last traded at $5.04. 120,896 shares were traded during trading, a decline of 91% from the average session volume of 1,408,779 shares. The stock had previously closed at $4.69.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ADPT shares. JPMorgan Chase & Co. increased their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. BTIG Research raised their target price on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, Piper Sandler lifted their price target on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a research note on Monday, November 11th.

Adaptive Biotechnologies Stock Up 22.2 %

The company has a market capitalization of $845.63 million, a P/E ratio of -3.76 and a beta of 1.45. The business has a fifty day moving average price of $4.96 and a 200 day moving average price of $4.32.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its holdings 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 valued at $33,530,000 after purchasing an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP grew its position in Adaptive Biotechnologies by 33.3% in the second 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. Massachusetts Financial Services Co. MA increased its stake in Adaptive Biotechnologies by 50.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after buying an additional 1,319,709 shares during the last quarter. ARK Investment Management LLC lifted 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 worth $41,311,000 after buying an additional 850,704 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after buying an additional 834,253 shares during the last quarter. 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.