ARK Investment Management LLC Sells 2,177,060 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

ARK Investment Management LLC reduced its stake in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 18.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,424,074 shares of the company’s stock after selling 2,177,060 shares during the period. ARK Investment Management LLC owned approximately 6.39% of Adaptive Biotechnologies worth $56,497,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter worth $34,000. KBC Group NV purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter worth $50,000. GAMMA Investing LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter worth $59,000. Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter worth $56,000. Finally, Centiva Capital LP purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter worth $80,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adaptive Biotechnologies

In related news, CEO Chad M. Robins sold 99,107 shares of Adaptive Biotechnologies stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $8.44, for a total transaction of $836,463.08. Following the completion of the sale, the chief executive officer now owns 2,576,701 shares in the company, valued at $21,747,356.44. This trade represents a 3.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 469,188 shares of company stock worth $3,975,795 in the last 90 days. 6.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADPT has been the subject of a number of recent research reports. Scotiabank lifted their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. BTIG Research lifted their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price target (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of “Moderate Buy” and an average price target of $9.10.

Adaptive Biotechnologies Stock Performance

ADPT stock opened at $8.42 on Wednesday. Adaptive Biotechnologies Co. has a 12 month low of $2.28 and a 12 month high of $8.95. The company has a 50-day moving average price of $7.27 and a 200 day moving average price of $5.85. The stock has a market cap of $1.24 billion, a PE ratio of -7.72 and a beta of 1.49.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share 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 quarter last year, the business posted ($0.30) earnings per share. Sell-side analysts forecast that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Adaptive Biotechnologies 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.