Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 1-Year High – Time to Buy?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares hit a new 52-week high on Wednesday . The stock traded as high as $5.80 and last traded at $5.66, with a volume of 103179 shares traded. The stock had previously closed at $5.58.

Analysts Set New Price Targets

Several brokerages have weighed in on ADPT. JPMorgan Chase & Co. boosted their price objective on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. BTIG Research raised their price objective on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.25.

Adaptive Biotechnologies Stock Performance

The stock has a 50 day simple moving average of $4.79 and a two-hundred day simple moving average of $4.11. The firm has a market cap of $858.28 million, a PE ratio of -3.83 and a beta of 1.45.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Thursday, November 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.08. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The business had revenue of $46.44 million for the quarter, compared to analyst estimates of $40.59 million. Equities research analysts forecast that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently modified their holdings of the company. First Trust Direct Indexing L.P. acquired a new position in shares of Adaptive Biotechnologies in the first quarter worth $47,000. BNP Paribas Financial Markets raised its position in Adaptive Biotechnologies by 48.8% in the 1st quarter. BNP Paribas Financial Markets now owns 63,141 shares of the company’s stock valued at $203,000 after purchasing an additional 20,710 shares in the last quarter. Jennison Associates LLC raised its position in Adaptive Biotechnologies by 22.0% in the 1st quarter. Jennison Associates LLC now owns 174,767 shares of the company’s stock valued at $561,000 after purchasing an additional 31,547 shares in the last quarter. Manchester Capital Management LLC acquired a new stake in Adaptive Biotechnologies in the 1st quarter valued at about $32,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Adaptive Biotechnologies during the first quarter worth approximately $71,000. 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.