Adaptive Biotechnologies (NASDAQ:ADPT) Share Price Crosses Above Fifty Day Moving Average on Insider Selling

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s stock price crossed above its fifty day moving average during trading on Monday after an insider bought additional shares in the company. The stock has a fifty day moving average of $26.17 and traded as high as $26.45. Adaptive Biotechnologies shares last traded at $26.27, with a volume of 1,164,225 shares.

Analyst Ratings Changes

Several research analysts recently weighed in on ADPT shares. BTIG Research boosted their target price 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. Guggenheim upped their target price on shares of Adaptive Biotechnologies from $25.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, October 1st. Piper Sandler raised their price target on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. National Bank Financial set a $34.00 price target on shares of Adaptive Biotechnologies in a research note on Tuesday, September 22nd. Finally, Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $22.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.06.

Adaptive Biotechnologies Trading Up 3.0%

The company has a market cap of $4.19 billion, a PE ratio of -64.07 and a beta of 2.09. The business has a 50 day simple moving average of $26.17 and a two-hundred day simple moving average of $19.42. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.12). The business had revenue of $71.55 million during the quarter, compared to analysts’ expectations of $65.44 million. Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. Adaptive Biotechnologies’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) EPS. On average, analysts forecast that Adaptive Biotechnologies Corporation will post -0.40 EPS for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Adaptive Biotechnologies in the second quarter worth approximately $324,735,000. Wellington Management Group LLP increased its position in Adaptive Biotechnologies by 53.2% during the second quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company’s stock worth $126,799,000 after purchasing an additional 2,053,944 shares during the last quarter. Bank of America Corp DE acquired a new position in Adaptive Biotechnologies during the second quarter worth approximately $37,109,000. Capricorn Fund Managers Ltd acquired a new position in Adaptive Biotechnologies during the first quarter worth approximately $17,930,000. Finally, Freestone Grove Partners LP acquired a new position in Adaptive Biotechnologies during the second quarter worth approximately $18,912,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation (NASDAQ: ADPT) is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and research tools. Based in Seattle, Washington, the company analyzes immune-cell receptors to help identify and measure disease, support drug development and improve understanding of immune responses.

Adaptive’s products include clonoSEQ, a clinical assay used to detect and monitor measurable residual disease in certain blood cancers, including multiple myeloma, acute lymphoblastic leukemia and chronic lymphocytic leukemia.