Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down to $4.45

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped down before the market opened on Friday . The stock had previously closed at $4.45, but opened at $4.05. Adaptive Biotechnologies shares last traded at $4.38, with a volume of 110,103 shares.

Analysts Set New Price Targets

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

Adaptive Biotechnologies Stock Performance

The company has a market cap of $644.01 million, a PE ratio of -2.99 and a beta of 1.35. The business’s 50-day moving average is $3.71 and its 200 day moving average is $3.53.

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

Hedge Funds Weigh In On Adaptive Biotechnologies

Hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in Adaptive Biotechnologies by 22.5% during the 4th quarter. Victory Capital Management Inc. now owns 19,087 shares of the company’s stock valued at $94,000 after acquiring an additional 3,509 shares during the period. Strs Ohio increased its holdings in shares of Adaptive Biotechnologies by 4.5% during the fourth quarter. Strs Ohio now owns 87,500 shares of the company’s stock valued at $428,000 after acquiring an additional 3,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Adaptive Biotechnologies by 28.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,364 shares of the company’s stock worth $105,000 after purchasing an additional 4,715 shares in the last quarter. Essex Investment Management Co. LLC grew its position in Adaptive Biotechnologies by 1.9% during the 1st quarter. Essex Investment Management Co. LLC now owns 277,096 shares of the company’s stock valued at $889,000 after purchasing an additional 5,183 shares during the last quarter. Finally, Versor Investments LP grew its position in Adaptive Biotechnologies by 32.1% during the 4th quarter. Versor Investments LP now owns 25,100 shares of the company’s stock valued at $123,000 after purchasing an additional 6,100 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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.