Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 10.9% After Insider Selling

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s stock price dropped 10.9% during trading on Wednesday following insider selling activity. The stock traded as low as $17.17 and last traded at $16.6550. Approximately 445,222 shares were traded during trading, a decline of 78% from the average daily volume of 2,014,582 shares. The stock had previously closed at $18.69.

Specifically, CFO Kyle Piskel sold 162,820 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $19.50, for a total transaction of $3,174,990.00. Following the completion of the transaction, the chief financial officer directly owned 216,637 shares in the company, valued at approximately $4,224,421.50. This represents a 42.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Chad M. Robins sold 124,998 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $18.94, for a total transaction of $2,367,462.12. Following the completion of the transaction, the chief executive officer directly owned 2,709,241 shares in the company, valued at $51,313,024.54. The trade was a 4.41% decrease in their position. The SEC filing for this sale provides additional information. In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 35,736 shares of Adaptive Biotechnologies stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $19.68, for a total transaction of $703,284.48. Following the completion of the sale, the chief executive officer directly owned 2,834,239 shares in the company, valued at $55,777,823.52. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. TD Cowen lifted their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on Adaptive Biotechnologies from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Piper Sandler boosted their price target on shares of Adaptive Biotechnologies from $15.00 to $20.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Guggenheim initiated coverage on shares of Adaptive Biotechnologies in a research report on Tuesday, September 30th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Morgan Stanley began coverage on shares of Adaptive Biotechnologies in a report on Monday. They issued an “equal weight” rating and a $21.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.11.

Adaptive Biotechnologies Trading Down 10.6%

The firm has a market cap of $2.55 billion, a PE ratio of -31.03 and a beta of 2.20. The firm has a 50 day moving average price of $16.16 and a 200-day moving average price of $13.09.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.01. Adaptive Biotechnologies had a negative net margin of 31.50% and a negative return on equity of 58.40%. The firm had revenue of $93.97 million for the quarter, compared to analysts’ expectations of $58.76 million. During the same quarter last year, the company earned ($0.22) earnings per share. The firm’s revenue was up 102.4% compared to the same quarter last year. Equities analysts forecast that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Adaptive Biotechnologies by 4.0% during the first quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company’s stock worth $82,796,000 after purchasing an additional 428,540 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Adaptive Biotechnologies by 801.6% during the 1st quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company’s stock worth $49,355,000 after buying an additional 5,905,756 shares during the last quarter. Braidwell LP acquired a new position in shares of Adaptive Biotechnologies during the 1st quarter worth about $35,692,000. Geode Capital Management LLC boosted its position in shares of Adaptive Biotechnologies by 15.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,215,171 shares of the company’s stock worth $37,461,000 after acquiring an additional 434,347 shares in the last quarter. Finally, Aristotle Atlantic Partners LLC increased its holdings in shares of Adaptive Biotechnologies by 8.6% in the 3rd quarter. Aristotle Atlantic Partners LLC now owns 3,126,719 shares of the company’s stock valued at $46,776,000 after acquiring an additional 247,402 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.