Insider Selling: Adaptive Biotechnologies Co. (NASDAQ:ADPT) Director Sells 53,000 Shares of Stock

Adaptive Biotechnologies Co. (NASDAQ:ADPT) Director Robert Hershberg sold 53,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $7.59, for a total transaction of $402,270.00. Following the sale, the director now owns 69,690 shares of the company’s stock, valued at $528,947.10. This trade represents a 43.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adaptive Biotechnologies Stock Performance

ADPT traded up $0.13 during mid-day trading on Wednesday, reaching $7.62. The stock had a trading volume of 2,454,883 shares, compared to its average volume of 1,727,822. The firm’s fifty day simple moving average is $7.63 and its two-hundred day simple moving average is $6.09. The stock has a market capitalization of $1.13 billion, a P/E ratio of -6.99 and a beta of 1.53. Adaptive Biotechnologies Co. has a 52 week low of $2.28 and a 52 week high of $8.95.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results 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 return on equity of 64.65% and a negative net margin of 89.12%. During the same period in the previous year, the business earned ($0.30) EPS. As a group, analysts expect that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors have recently modified their holdings of the business. Rubric Capital Management LP boosted its stake in Adaptive Biotechnologies by 2.9% in the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after acquiring an additional 400,000 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Adaptive Biotechnologies by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock worth $64,236,000 after purchasing an additional 75,448 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after purchasing an additional 834,253 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Adaptive Biotechnologies by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock valued at $20,209,000 after purchasing an additional 489,555 shares during the last quarter. Finally, Soleus Capital Management L.P. lifted its stake in Adaptive Biotechnologies by 168.1% in 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 buying an additional 1,870,393 shares during the period. Institutional investors and hedge funds own 99.17% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on ADPT shares. Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. The Goldman Sachs Group raised their price target on Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Scotiabank boosted their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. Finally, 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.10.

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.