New York State Common Retirement Fund trimmed its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 221,306 shares of the company’s stock after selling 5,500 shares during the period. New York State Common Retirement Fund’s holdings in Adaptive Biotechnologies were worth $10,762,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of ADPT. Banque Cantonale Vaudoise bought a new stake in Adaptive Biotechnologies during the second quarter worth about $33,000. American International Group Inc. increased its stake in Adaptive Biotechnologies by 39.8% in the second quarter. American International Group Inc. now owns 1,946 shares of the company’s stock valued at $94,000 after acquiring an additional 554 shares during the last quarter. AdvisorNet Financial Inc acquired a new position in Adaptive Biotechnologies during the second quarter valued at approximately $109,000. Point72 Hong Kong Ltd bought a new stake in Adaptive Biotechnologies during the second quarter worth $210,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Adaptive Biotechnologies in the 2nd quarter valued at $217,000. Institutional investors and hedge funds own 73.67% of the company’s stock.
ADPT has been the subject of several recent analyst reports. JPMorgan Chase & Co. restated an “overweight” rating and set a $60.00 price objective (up from $50.00) on shares of Adaptive Biotechnologies in a research report on Wednesday, November 11th. BTIG Research increased their target price on shares of Adaptive Biotechnologies from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, November 12th. Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Wednesday, November 11th. Finally, William Blair reissued an “outperform” rating on shares of Adaptive Biotechnologies in a research note on Tuesday, August 11th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Adaptive Biotechnologies presently has a consensus rating of “Buy” and a consensus price target of $54.67.
Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings data on Sunday, November 15th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.01. The company had revenue of $26.30 million for the quarter, compared to analysts’ expectations of $23.58 million. Adaptive Biotechnologies had a negative net margin of 132.32% and a negative return on equity of 20.15%. Adaptive Biotechnologies’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. On average, analysts expect that Adaptive Biotechnologies Co. will post -1.08 EPS for the current year.
In other news, CEO Chad M. Robins sold 50,040 shares of the company’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $45.76, for a total value of $2,289,830.40. Following the sale, the chief executive officer now directly owns 1,794,860 shares of the company’s stock, valued at approximately $82,132,793.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Susan Bobulsky sold 10,000 shares of the stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the sale, the senior vice president now owns 10,000 shares of the company’s stock, valued at $500,000. The disclosure for this sale can be found here. Insiders have sold 3,126,203 shares of company stock valued at $153,872,302 over the last 90 days. 34.70% of the stock is owned by corporate insiders.
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 immunoSEQ research service and kit that is used to answer research questions, as well as to discover new prognostic and diagnostic signals.
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