Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $9.01 and last traded at $8.90, with a volume of 713734 shares changing hands. The stock had previously closed at $8.40.

Analysts Set New Price Targets

ADPT has been the topic of a number of recent research reports. 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 report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $11.00 price target (up from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. BTIG Research boosted 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. Finally, Scotiabank increased their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company 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.com, the stock currently has a consensus rating of “Buy” and an average target price of $9.40.

Adaptive Biotechnologies Price Performance

The company has a market cap of $1.32 billion, a price-to-earnings ratio of -8.13 and a beta of 1.53. The company’s 50-day simple moving average is $7.74 and its 200-day simple moving average is $6.24.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate 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 quarter in the previous year, the company posted ($0.30) earnings per share. Equities analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, Director Peter M. Neupert sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $7.05, for a total value of $70,500.00. Following the transaction, the director now directly owns 224,690 shares in the company, valued at approximately $1,584,064.50. This trade represents a 4.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Chad M. Robins sold 158,921 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.46, for a total value of $1,344,471.66. Following the transaction, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at $21,798,890.46. This trade represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 755,903 shares of company stock worth $6,025,342 over the last quarter. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several large investors have recently made changes to their positions in the business. KBC Group NV acquired a new position in Adaptive Biotechnologies in the fourth quarter worth approximately $50,000. Townsquare Capital LLC acquired a new stake in shares of Adaptive Biotechnologies during the third quarter worth $56,000. GAMMA Investing LLC purchased a new stake in Adaptive Biotechnologies during the fourth quarter valued at about $59,000. Cibc World Markets Corp purchased a new position in Adaptive Biotechnologies during the 4th quarter worth approximately $65,000. Finally, Centiva Capital LP acquired a new position in Adaptive Biotechnologies during the third quarter valued at $80,000. 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.