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

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped up prior to trading on Friday . The stock had previously closed at $7.75, but opened at $8.05. Adaptive Biotechnologies shares last traded at $8.35, with a volume of 514,492 shares changing hands.

Wall Street Analysts Forecast Growth

ADPT has been the topic of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $11.00 price target (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. The Goldman Sachs Group raised Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $8.00 to $9.00 in a research note on Friday. BTIG Research lifted their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Scotiabank lifted their price target 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $9.40.

Adaptive Biotechnologies Trading Up 3.5 %

The firm has a 50 day moving average price of $7.70 and a 200-day moving average price of $6.19. The firm has a market cap of $1.19 billion, a PE ratio of -7.34 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same period in the prior year, the firm posted ($0.30) EPS. Equities analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, Director Robert Hershberg sold 53,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total value of $402,270.00. Following the sale, the director now directly owns 69,690 shares of the company’s stock, valued at approximately $528,947.10. This represents a 43.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter M. Neupert sold 10,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $7.05, for a total transaction of $70,500.00. Following the completion of the transaction, the director now directly owns 224,690 shares in the company, 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. In the last three months, insiders have sold 755,903 shares of company stock valued at $6,025,342. Insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. KBC Group NV purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $50,000. Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $56,000. GAMMA Investing LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $59,000. Cibc World Markets Corp purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $65,000. Finally, Centiva Capital LP purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $80,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

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.