Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Stock Has Average Target Price of $28.94

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) has been assigned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $30.06.

ADPT has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Thursday. National Bank Financial set a $34.00 price objective on shares of Adaptive Biotechnologies in a research note on Tuesday, September 22nd. BTIG Research upped their price objective on shares of Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. TD Cowen increased their price objective on shares of Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Guggenheim lifted their target price 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.

Adaptive Biotechnologies Stock Down 6.1%

Shares of NASDAQ:ADPT opened at $24.02 on Monday. The firm has a market cap of $3.83 billion, a P/E ratio of -58.59 and a beta of 2.09. The company has a quick ratio of 4.68, a current ratio of 4.79 and a debt-to-equity ratio of 2.22. Adaptive Biotechnologies has a 12-month low of $12.00 and a 12-month high of $30.74. The business has a fifty day simple moving average of $26.16 and a 200 day simple moving average of $20.48.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Wednesday, July 29th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.12). The company had revenue of $71.55 million for the quarter, compared to analyst estimates of $65.44 million. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) earnings per share. Analysts predict that Adaptive Biotechnologies will post -0.40 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Chad Robins sold 321,324 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $25.08, for a total transaction of $8,058,805.92. Following the sale, the chief executive officer owned 2,180,518 shares in the company, valued at $54,687,391.44. This represents a 12.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter Neupert sold 124,690 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $25.15, for a total value of $3,135,953.50. Following the sale, the director directly owned 130,625 shares of the company’s stock, valued at $3,285,218.75. This represents a 48.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,461,295 shares of company stock worth $35,464,440 over the last three months. Insiders own 5.70% of the company’s stock.

Institutional Trading of Adaptive Biotechnologies

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Adaptive Biotechnologies in the second quarter worth $324,735,000. Wellington Management Group LLP raised its holdings in shares of Adaptive Biotechnologies by 53.2% during 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 period. Bank of America Corp DE acquired a new position in shares of Adaptive Biotechnologies during the second quarter valued at about $37,109,000. Principal Financial Group Inc. boosted its position in shares of Adaptive Biotechnologies by 9.8% during the 1st quarter. Principal Financial Group Inc. now owns 1,704,887 shares of the company’s stock worth $23,664,000 after purchasing an additional 152,378 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new position in shares of Adaptive Biotechnologies during the 2nd quarter worth about $18,912,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.