Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Down 11.8% in August

Adaptive Biotechnologies Co. (NASDAQ:ADPT) was the target of a significant drop in short interest in August. As of August 15th, there was short interest totalling 9,660,000 shares, a drop of 11.8% from the July 31st total of 10,950,000 shares. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is currently 6.6 days.

Adaptive Biotechnologies Stock Up 0.6 %

Shares of ADPT traded up $0.03 during trading hours on Friday, hitting $4.70. The company had a trading volume of 744,292 shares, compared to its average volume of 1,309,982. The stock’s 50 day moving average price is $4.19 and its 200 day moving average price is $3.62. Adaptive Biotechnologies has a 52-week low of $2.28 and a 52-week high of $6.96.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.02. The firm had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The company’s quarterly revenue was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) earnings per share. On average, equities analysts expect that Adaptive Biotechnologies will post -1.19 EPS for the current year.

Institutional Trading of Adaptive Biotechnologies

Several large investors have recently modified their holdings of the business. Millennium Management LLC boosted its position in Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after acquiring an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP boosted its position in Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after acquiring an additional 3,500,000 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Adaptive Biotechnologies by 50.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after acquiring an additional 1,319,709 shares in the last quarter. ARK Investment Management LLC boosted its position in Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after acquiring an additional 850,704 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Adaptive Biotechnologies by 11.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock valued at $24,977,000 after acquiring an additional 722,924 shares in the last quarter. 99.17% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. raised their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Adaptive Biotechnologies currently has an average rating of “Moderate Buy” and a consensus target price 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.