Adaptive Biotechnologies (NASDAQ:ADPT) Announces Earnings Results, Beats Estimates By $0.02 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) released its quarterly earnings results on Thursday. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.02, Briefing.com reports. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 57.43%. The firm had revenue of $43.19 million for the quarter, compared to analysts’ expectations of $38.63 million. During the same period in the prior year, the firm earned ($0.33) EPS. The business’s revenue was down 11.7% on a year-over-year basis. Adaptive Biotechnologies updated its FY 2024 guidance to EPS.

Adaptive Biotechnologies Trading Down 3.4 %

Shares of ADPT opened at $4.30 on Friday. Adaptive Biotechnologies has a 12 month low of $2.28 and a 12 month high of $7.73. The firm’s 50 day moving average is $3.72 and its 200-day moving average is $3.53. The stock has a market capitalization of $633.69 million, a PE ratio of -2.89 and a beta of 1.35.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. increased their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $6.40.

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.