Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 9.8% – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT) rose 9.8% during mid-day trading on Wednesday . The stock traded as high as $8.11 and last traded at $8.10. Approximately 1,182,088 shares changed hands during trading, a decline of 19% from the average daily volume of 1,462,168 shares. The stock had previously closed at $7.37.

Wall Street Analysts Forecast Growth

ADPT has been the subject of several analyst reports. The Goldman Sachs Group increased their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. BTIG Research increased their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, Piper Sandler increased their price target on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Adaptive Biotechnologies Stock Down 2.1 %

The company has a market capitalization of $1.16 billion, a PE ratio of -5.85 and a beta of 1.49. The stock’s fifty day simple moving average is $6.80 and its 200-day simple moving average is $5.49.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Rubric Capital Management LP lifted its position in shares of Adaptive Biotechnologies by 2.9% in the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after acquiring an additional 400,000 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Adaptive Biotechnologies by 1.7% in the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock valued at $59,398,000 after acquiring an additional 189,134 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Adaptive Biotechnologies by 12.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after acquiring an additional 834,253 shares in the last quarter. State Street Corp lifted its position in shares of Adaptive Biotechnologies by 2.0% in the third quarter. State Street Corp now owns 2,551,785 shares of the company’s stock valued at $13,065,000 after acquiring an additional 48,885 shares in the last quarter. Finally, Pier Capital LLC lifted its position in shares of Adaptive Biotechnologies by 20.9% in the third quarter. Pier Capital LLC now owns 1,275,885 shares of the company’s stock valued at $6,533,000 after acquiring an additional 220,586 shares in the last quarter. 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.