Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High on Analyst Upgrade

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price reached a new 52-week high on Friday after Scotiabank raised their price target on the stock from $10.00 to $12.00. Scotiabank currently has a sector outperform rating on the stock. Adaptive Biotechnologies traded as high as $8.56 and last traded at $8.52, with a volume of 2063623 shares. The stock had previously closed at $7.55.

A number of other research firms also recently weighed in on ADPT. The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, Piper Sandler boosted their target price on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.30.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several hedge funds have recently added to or reduced their stakes in the company. JTC Employer Solutions Trustee Ltd purchased a new stake in Adaptive Biotechnologies in the 3rd quarter valued at about $26,000. Ashton Thomas Securities LLC purchased a new stake in Adaptive Biotechnologies in the 3rd quarter valued at about $34,000. KBC Group NV purchased a new stake in Adaptive Biotechnologies in the 4th quarter valued at about $50,000. GAMMA Investing LLC purchased a new stake in Adaptive Biotechnologies in the 4th quarter valued at about $59,000. Finally, Cibc World Markets Corp purchased a new stake in Adaptive Biotechnologies in the 4th quarter valued at about $65,000. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Trading Down 2.2 %

The company has a market capitalization of $1.23 billion, a PE ratio of -6.22 and a beta of 1.50. The firm’s 50-day simple moving average is $7.01 and its 200-day simple moving average is $5.65.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 110.13% and a negative return on equity of 62.06%. During the same period in the previous year, the business posted ($0.30) earnings per share. As a group, analysts anticipate that Adaptive Biotechnologies Co. will post -1.08 EPS for the current year.

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.