Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 1-Year High – Should You Buy?

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) reached a new 52-week high on Friday . The company traded as high as $7.19 and last traded at $7.07, with a volume of 661045 shares traded. The stock had previously closed at $6.19.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADPT. BTIG Research raised their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Piper Sandler raised their price objective on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a report on Monday, November 11th.

Adaptive Biotechnologies Stock Up 16.3 %

The stock has a market capitalization of $1.06 billion, a PE ratio of -5.37 and a beta of 1.47. The business’s 50-day moving average is $5.82 and its two-hundred day moving average is $4.87.

Institutional Trading of Adaptive Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. increased its position in Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after buying an additional 834,253 shares during the period. Millrace Asset Group Inc. purchased a new position in shares of Adaptive Biotechnologies during the third quarter worth approximately $1,396,000. Point72 Asset Management L.P. acquired a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $2,537,000. Barclays PLC increased its holdings in shares of Adaptive Biotechnologies by 149.5% in the 3rd quarter. Barclays PLC now owns 230,177 shares of the company’s stock valued at $1,180,000 after acquiring an additional 137,936 shares during the period. Finally, Rubric Capital Management LP raised its position in Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after purchasing an additional 400,000 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

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.