Insider Selling: Adaptive Biotechnologies (NASDAQ:ADPT) COO Sells $346,806.39 in Stock

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) COO Julie Rubinstein sold 11,881 shares of Adaptive Biotechnologies stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $29.19, for a total value of $346,806.39. Following the completion of the transaction, the chief operating officer directly owned 377,802 shares of the company’s stock, valued at $11,028,040.38. This represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Julie Rubinstein also recently made the following trade(s):

• On Friday, October 2nd, Julie Rubinstein sold 11,881 shares of Adaptive Biotechnologies stock. The stock was sold at an average price of $28.13, for a total transaction of $334,212.53.

Adaptive Biotechnologies Price Performance

ADPT opened at $26.28 on Thursday. Adaptive Biotechnologies Corporation has a one year low of $12.00 and a one year high of $30.74. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. The company’s 50 day simple moving average is $25.94 and its 200-day simple moving average is $19.94. The stock has a market capitalization of $4.19 billion, a P/E ratio of -64.10 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.12). The company had revenue of $71.55 million during the quarter, compared to the consensus estimate of $65.44 million. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%.The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) EPS. Sell-side analysts anticipate that Adaptive Biotechnologies Corporation will post -0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on ADPT shares. Piper Sandler increased their target price on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. TD Cowen upped their price target on Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. The Goldman Sachs Group initiated coverage on shares of Adaptive Biotechnologies in a research report on Tuesday, September 29th. They issued a “buy” rating and a $35.00 price target on the stock. Guggenheim lifted their price objective on shares of Adaptive Biotechnologies from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. Finally, National Bank Financial set a $34.00 price target on shares of Adaptive Biotechnologies in a report on Tuesday, September 22nd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.94.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Adaptive Biotechnologies in the 2nd quarter valued at $324,735,000. Wellington Management Group LLP increased its holdings in shares of Adaptive Biotechnologies by 53.2% in the second quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company’s stock valued at $126,799,000 after purchasing an additional 2,053,944 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Adaptive Biotechnologies in the second quarter valued at about $37,109,000. Principal Financial Group Inc. raised its position in shares of Adaptive Biotechnologies by 9.8% in the first quarter. Principal Financial Group Inc. now owns 1,704,887 shares of the company’s stock valued at $23,664,000 after purchasing an additional 152,378 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in shares of Adaptive Biotechnologies during the 2nd quarter worth about $18,912,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and therapeutic applications. Its technologies analyze immune-cell receptors, including T-cell and B-cell receptors, to help identify and measure immune responses associated with cancer, infectious diseases and other conditions.

The company’s product portfolio includes immunoSEQ, a research and clinical platform for immune-repertoire sequencing, and clonoSEQ, a diagnostic test used to detect and monitor measurable residual disease in certain blood cancers.