Scotiabank Issues Positive Forecast for Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price

Adaptive Biotechnologies (NASDAQ:ADPT) had its price target upped by Scotiabank from $10.00 to $12.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 44.84% from the company’s previous close.

A number of other research firms also recently weighed in on ADPT. Piper Sandler boosted their target price on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. BTIG Research boosted their target price on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group lifted their price target on Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Adaptive Biotechnologies has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

Adaptive Biotechnologies Trading Up 9.7 %

Shares of ADPT traded up $0.74 during trading hours on Thursday, reaching $8.29. 908,420 shares of the company’s stock traded hands, compared to its average volume of 1,508,405. The stock has a market cap of $1.22 billion, a PE ratio of -6.17 and a beta of 1.50. The firm’s 50 day simple moving average is $6.92 and its 200-day simple moving average is $5.59. Adaptive Biotechnologies has a 12 month low of $2.28 and a 12 month high of $8.33.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 62.06% and a negative net margin of 110.13%. During the same quarter in the prior year, the firm posted ($0.30) earnings per share. As a group, analysts expect that Adaptive Biotechnologies will post -1.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Large investors have recently bought and sold shares of the stock. Impact Partnership Wealth LLC increased its stake in shares of Adaptive Biotechnologies by 8.8% during the fourth quarter. Impact Partnership Wealth LLC now owns 19,078 shares of the company’s stock valued at $114,000 after buying an additional 1,539 shares during the period. Russell Investments Group Ltd. grew its stake in Adaptive Biotechnologies by 2.7% in the fourth quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock worth $486,000 after purchasing an additional 2,163 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Adaptive Biotechnologies by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company’s stock worth $177,000 after acquiring an additional 2,710 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in Adaptive Biotechnologies by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,292 shares of the company’s stock worth $188,000 after acquiring an additional 2,928 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted its holdings in Adaptive Biotechnologies by 30.8% in the third quarter. Vontobel Holding Ltd. now owns 17,000 shares of the company’s stock worth $87,000 after acquiring an additional 4,000 shares in 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.