Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 7.6% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares were up 7.6% on Wednesday . The stock traded as high as $5.07 and last traded at $5.07. Approximately 308,931 shares were traded during trading, a decline of 78% from the average daily volume of 1,412,478 shares. The stock had previously closed at $4.71.

Analyst Upgrades and Downgrades

Several analysts have commented on ADPT shares. BTIG Research lifted their price objective on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.25.

Adaptive Biotechnologies Price Performance

The stock has a 50 day moving average of $4.69 and a 200 day moving average of $4.00. The firm has a market cap of $738.31 million, a P/E ratio of -3.16 and a beta of 1.44.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. The company had revenue of $43.19 million for the quarter, compared to analysts’ expectations of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. Adaptive Biotechnologies’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.33) EPS. On average, research analysts predict that Adaptive Biotechnologies Co. will post -1.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Large investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its stake in shares of Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after buying an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP grew 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 worth $50,680,000 after acquiring an additional 3,500,000 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Adaptive Biotechnologies by 50.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after purchasing an additional 1,319,709 shares during the last quarter. ARK Investment Management LLC boosted its stake in shares of Adaptive Biotechnologies by 8.1% during the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after purchasing an additional 850,704 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings 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 buying an additional 722,924 shares during the last quarter. Hedge funds and other institutional investors 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.