Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 52-Week High – Still a Buy?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $9.01 and last traded at $8.90, with a volume of 713734 shares trading hands. The stock had previously closed at $8.40.

Analysts Set New Price Targets

Several analysts recently weighed in on ADPT shares. Piper Sandler reissued an “overweight” rating and issued a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $8.00 to $9.00 in a research report on Friday, March 21st. Scotiabank boosted their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. Finally, BTIG Research increased their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Stock Down 1.4 %

The company has a 50-day moving average of $7.83 and a 200-day moving average of $6.30. The company has a market cap of $1.27 billion, a PE ratio of -7.71 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same period last year, the business posted ($0.30) earnings per share. As a group, equities analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Insider Activity

In other news, CEO Chad M. Robins sold 158,921 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.46, for a total transaction of $1,344,471.66. Following the completion of the transaction, the chief executive officer now directly owns 2,576,701 shares in the company, valued at $21,798,890.46. The trade was a 5.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter M. Neupert sold 10,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $7.05, for a total transaction of $70,500.00. Following the transaction, the director now directly owns 224,690 shares in the company, valued at approximately $1,584,064.50. This represents a 4.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 755,903 shares of company stock worth $6,025,342. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ADPT. Intech Investment Management LLC purchased a new stake in Adaptive Biotechnologies in the third quarter worth about $176,000. Charles Schwab Investment Management Inc. increased its stake in shares of Adaptive Biotechnologies by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 916,743 shares of the company’s stock worth $4,694,000 after purchasing an additional 10,262 shares in the last quarter. Cerity Partners LLC grew its position in shares of Adaptive Biotechnologies by 58.7% during the third quarter. Cerity Partners LLC now owns 694,417 shares of the company’s stock worth $3,555,000 after purchasing an additional 256,933 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Adaptive Biotechnologies in the 3rd quarter worth approximately $177,000. Finally, FMR LLC boosted its stake in Adaptive Biotechnologies by 102.0% in the 3rd quarter. FMR LLC now owns 233,566 shares of the company’s stock worth $1,196,000 after purchasing an additional 117,965 shares during the period. 99.17% of the stock is 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.