Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped down prior to trading on Monday . The stock had previously closed at $7.67, but opened at $7.27. Adaptive Biotechnologies shares last traded at $7.40, with a volume of 193,980 shares.

Analysts Set New Price Targets

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

Adaptive Biotechnologies Price Performance

The firm has a market cap of $1.11 billion, a P/E ratio of -6.85 and a beta of 1.53. The firm’s 50-day moving average price is $7.89 and its 200 day moving average price is $6.38.

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

Insider Buying and Selling

In other news, CEO Chad M. Robins sold 211,160 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the sale, the chief executive officer now directly owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. This represents a 7.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kyle Piskel sold 10,320 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $72,033.60. Following the transaction, the chief financial officer now owns 269,010 shares of the company’s stock, valued at approximately $1,877,689.80. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 757,601 shares of company stock worth $6,040,624 over the last quarter. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adaptive Biotechnologies

Large investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in Adaptive Biotechnologies by 1,060.5% in the 4th quarter. California State Teachers Retirement System now owns 97,388 shares of the company’s stock worth $584,000 after buying an additional 88,996 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Adaptive Biotechnologies in the fourth quarter worth $711,000. Voloridge Investment Management LLC bought a new position in shares of Adaptive Biotechnologies in the fourth quarter worth $174,000. Soleus Capital Management L.P. increased its holdings in shares of Adaptive Biotechnologies by 168.1% during the fourth quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock valued at $17,884,000 after purchasing an additional 1,870,393 shares during the period. Finally, Squarepoint Ops LLC raised its stake in shares of Adaptive Biotechnologies by 265.3% during the fourth quarter. Squarepoint Ops LLC now owns 44,401 shares of the company’s stock valued at $266,000 after purchasing an additional 32,247 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.