Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High – Here’s Why

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) hit a new 52-week high during trading on Monday. The stock traded as high as $30.74 and last traded at $30.6280, with a volume of 1,694,623 shares. The stock had previously closed at $27.98.

Analysts Set New Price Targets

A number of brokerages recently commented on ADPT. BTIG Research raised their price objective on shares of Adaptive Biotechnologies from $25.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, September 22nd. TD Cowen upped their target price on shares of Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. Morgan Stanley increased their target price on Adaptive Biotechnologies from $22.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. The Goldman Sachs Group started coverage on Adaptive Biotechnologies in a research note on Tuesday, September 29th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, National Bank Financial set a $34.00 price target on Adaptive Biotechnologies in a report on Tuesday, September 22nd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.06.

Adaptive Biotechnologies Trading Up 9.8%

The business has a fifty day moving average price of $26.42 and a 200-day moving average price of $19.86. The company has a quick ratio of 3.87, a current ratio of 3.97 and a debt-to-equity ratio of 1.82. The company has a market cap of $4.97 billion, a P/E ratio of -67.98 and a beta of 2.18.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.12. Adaptive Biotechnologies had a negative net margin of 23.67% and a negative return on equity of 23.95%. The company had revenue of $83.90 million during the quarter, compared to the consensus estimate of $71.57 million. During the same period in the previous year, the business earned $0.06 earnings per share. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. On average, analysts forecast that Adaptive Biotechnologies Corporation will post -0.40 earnings per share for the current year.

Insider Activity

In related news, CEO Chad Robins sold 321,324 shares of Adaptive Biotechnologies stock in a transaction that occurred on 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 transaction, the chief executive officer owned 2,180,518 shares of the company’s stock, valued at $54,687,391.44. The trade was a 12.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Julie Rubinstein sold 11,881 shares of the stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $29.19, for a total transaction of $346,806.39. Following the completion of the sale, the chief operating officer owned 377,802 shares of the company’s stock, valued at approximately $11,028,040.38. This trade represents a 3.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,059,644 shares of company stock worth $27,046,836. Company insiders own 5.70% of the company’s stock.

Institutional Trading of Adaptive Biotechnologies

Large investors have recently bought and sold shares of the company. Arizona State Retirement System boosted its holdings in Adaptive Biotechnologies by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 31,866 shares of the company’s stock worth $684,000 after buying an additional 416 shares during the period. PNC Financial Services Group Inc. raised its holdings in Adaptive Biotechnologies by 6.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,737 shares of the company’s stock valued at $205,000 after acquiring an additional 941 shares during the period. Gibbs Wealth Management raised its holdings in Adaptive Biotechnologies by 4.6% during the 3rd quarter. Gibbs Wealth Management now owns 26,900 shares of the company’s stock valued at $777,000 after acquiring an additional 1,191 shares during the period. Assetmark Inc. lifted its position in shares of Adaptive Biotechnologies by 46.4% during the first quarter. Assetmark Inc. now owns 4,421 shares of the company’s stock worth $61,000 after acquiring an additional 1,401 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Adaptive Biotechnologies during the second quarter worth $31,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a biotechnology company focused on using the human immune system to diagnose and treat disease. Based in Seattle, Washington, the company develops technologies that sequence and analyze immune cells and their receptors, generating data for clinical testing, research and drug development.

Its products include immunoSEQ, a platform used by researchers and biopharmaceutical companies to study immune responses, and clonoSEQ, a clinical test that detects and monitors minimal residual disease in certain blood cancers.