Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Up 16.8% in November

Adaptive Biotechnologies Co. (NASDAQ:ADPT) saw a significant increase in short interest in November. As of November 30th, there was short interest totalling 9,580,000 shares, an increase of 16.8% from the November 15th total of 8,200,000 shares. Based on an average daily volume of 1,190,000 shares, the days-to-cover ratio is currently 8.1 days.

Adaptive Biotechnologies Stock Performance

NASDAQ ADPT opened at $6.30 on Monday. The stock has a market capitalization of $929.75 million, a P/E ratio of -4.70 and a beta of 1.49. Adaptive Biotechnologies has a 52 week low of $2.28 and a 52 week high of $7.07. The stock has a fifty day moving average of $5.37 and a 200-day moving average of $4.59.

Institutional Trading of Adaptive Biotechnologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after acquiring an additional 834,253 shares during the last quarter. Millrace Asset Group Inc. bought a new stake in Adaptive Biotechnologies in the third quarter valued at about $1,396,000. Point72 Asset Management L.P. acquired a new position in Adaptive Biotechnologies in the third quarter valued at about $2,537,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Adaptive Biotechnologies by 11.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after buying an additional 722,924 shares during the last quarter. Finally, Rubric Capital Management LP grew its position in shares of Adaptive Biotechnologies by 2.9% during the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock worth $73,728,000 after buying an additional 400,000 shares during the period. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ADPT shares. Piper Sandler raised their target price on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. BTIG Research raised their price objective on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd.

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.