Pier Capital LLC Trims Position in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Pier Capital LLC lowered its position in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 0.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,274,293 shares of the company’s stock after selling 1,592 shares during the quarter. Pier Capital LLC owned about 0.86% of Adaptive Biotechnologies worth $7,639,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ADPT shares. 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. Scotiabank lifted their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. 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 research report on Thursday, February 20th. Finally, The Goldman Sachs Group raised Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $8.00 to $9.00 in a research report on Friday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of “Buy” and a consensus target price of $9.40.

Insider Transactions at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 211,160 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the completion of the transaction, the chief executive officer now owns 2,576,701 shares in the company, valued at $21,901,958.50. The trade was a 7.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $7.05, for a total value of $70,500.00. Following the sale, the director now directly owns 224,690 shares of the company’s stock, valued at $1,584,064.50. This trade represents a 4.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 755,903 shares of company stock valued at $6,025,342. 6.20% of the stock is currently owned by corporate insiders.

Adaptive Biotechnologies Stock Up 3.1 %

Adaptive Biotechnologies stock opened at $8.66 on Tuesday. Adaptive Biotechnologies Co. has a 52-week low of $2.28 and a 52-week high of $9.01. The firm has a market cap of $1.29 billion, a PE ratio of -7.94 and a beta of 1.53. The company’s 50 day moving average is $7.78 and its two-hundred day moving average is $6.27.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm earned ($0.30) earnings per share. On average, equities research analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

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.