Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 4.7%

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price rose 4.7% on Friday . The company traded as high as $3.55 and last traded at $3.55. Approximately 500,760 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,577,552 shares. The stock had previously closed at $3.39.

Analyst Upgrades and Downgrades

Separately, BTIG Research lowered their price target on shares of Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.80.

Adaptive Biotechnologies Trading Up 5.9 %

The business’s 50 day simple moving average is $3.38 and its two-hundred day simple moving average is $3.63. The firm has a market capitalization of $529.05 million, a P/E ratio of -2.43 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.02. Adaptive Biotechnologies had a negative net margin of 123.24% and a negative return on equity of 56.58%. The company had revenue of $41.87 million during the quarter, compared to the consensus estimate of $38.78 million. During the same quarter last year, the firm earned ($0.40) earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. Analysts predict that Adaptive Biotechnologies Co. will post -1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Adaptive Biotechnologies by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock valued at $41,312,000 after buying an additional 102,134 shares during the last quarter. ARK Investment Management LLC lifted its holdings in Adaptive Biotechnologies by 11.3% in the fourth quarter. ARK Investment Management LLC now owns 12,806,513 shares of the company’s stock valued at $62,752,000 after acquiring an additional 1,297,205 shares during the period. Rubric Capital Management LP purchased a new position in Adaptive Biotechnologies in the fourth quarter worth about $14,027,000. Massachusetts Financial Services Co. MA boosted its position in Adaptive Biotechnologies by 32.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,603,500 shares of the company’s stock worth $12,757,000 after purchasing an additional 632,040 shares during the last quarter. Finally, Braidwell LP grew its stake in shares of Adaptive Biotechnologies by 40.3% during the 4th quarter. Braidwell LP now owns 1,357,490 shares of the company’s stock valued at $6,652,000 after purchasing an additional 389,800 shares during the period. 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.