Legato Capital Management LLC Buys 81,648 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Legato Capital Management LLC lifted its stake in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 63.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 209,702 shares of the company’s stock after acquiring an additional 81,648 shares during the quarter. Legato Capital Management LLC owned approximately 0.14% of Adaptive Biotechnologies worth $759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rubric Capital Management LP bought a new position in Adaptive Biotechnologies in the fourth quarter worth about $14,027,000. abrdn plc bought a new position in shares of Adaptive Biotechnologies during the 4th quarter worth approximately $4,576,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Adaptive Biotechnologies by 11.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock valued at $24,977,000 after acquiring an additional 722,924 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake 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 valued at $12,757,000 after acquiring an additional 632,040 shares in the last quarter. Finally, Braidwell LP grew its holdings in Adaptive Biotechnologies by 40.3% in the fourth quarter. Braidwell LP now owns 1,357,490 shares of the company’s stock worth $6,652,000 after purchasing an additional 389,800 shares during the last quarter. Institutional investors own 99.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. increased their price objective on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.40.

Adaptive Biotechnologies Trading Down 3.5 %

NASDAQ ADPT opened at $4.64 on Wednesday. Adaptive Biotechnologies Co. has a 12-month low of $2.28 and a 12-month high of $6.96. The company has a fifty day simple moving average of $4.10 and a two-hundred day simple moving average of $3.60. The stock has a market cap of $683.79 million, a P/E ratio of -3.11 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. The company had revenue of $43.19 million during the quarter, compared to analysts’ expectations of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 57.43% and a negative net margin of 126.49%. The firm’s revenue was down 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.33) EPS. As a group, sell-side analysts forecast that Adaptive Biotechnologies Co. will post -1.29 earnings per share for the current year.

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.