Adaptive Biotechnologies (NASDAQ:ADPT) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) announced its quarterly earnings data on Thursday. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.02, Briefing.com reports. The firm had revenue of $43.19 million during the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 57.43% and a negative net margin of 126.49%. The business’s revenue for the quarter was down 11.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.33) EPS. Adaptive Biotechnologies updated its FY 2024 guidance to EPS.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock opened at $4.30 on Friday. The stock’s 50 day simple moving average is $3.72 and its 200 day simple moving average is $3.53. Adaptive Biotechnologies has a twelve month low of $2.28 and a twelve month high of $7.73. The company has a market capitalization of $633.69 million, a price-to-earnings ratio of -2.89 and a beta of 1.35.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. raised their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.40.

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.