Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 10.9% Following Insider Selling

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) was down 10.9% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $17.17 and last traded at $16.6550. Approximately 445,222 shares were traded during trading, a decline of 78% from the average daily volume of 2,014,582 shares. The stock had previously closed at $18.69.

Specifically, CFO Kyle Piskel sold 162,820 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $19.50, for a total transaction of $3,174,990.00. Following the completion of the sale, the chief financial officer owned 216,637 shares in the company, valued at approximately $4,224,421.50. The trade was a 42.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chad M. Robins sold 124,998 shares of Adaptive Biotechnologies stock in a transaction on Monday, December 1st. The stock was sold at an average price of $18.94, for a total transaction of $2,367,462.12. Following the sale, the chief executive officer owned 2,709,241 shares in the company, valued at $51,313,024.54. This represents a 4.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 35,736 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $19.68, for a total value of $703,284.48. Following the completion of the transaction, the chief executive officer owned 2,834,239 shares in the company, valued at $55,777,823.52. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADPT. Morgan Stanley initiated coverage on Adaptive Biotechnologies in a research report on Monday. They set an “equal weight” rating and a $21.00 target price on the stock. Guggenheim started coverage on Adaptive Biotechnologies in a research report on Tuesday, September 30th. They set a “buy” rating and a $20.00 price target on the stock. Piper Sandler increased their price objective on Adaptive Biotechnologies from $15.00 to $20.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. TD Cowen raised their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Adaptive Biotechnologies from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.11.

Adaptive Biotechnologies Stock Performance

The firm has a fifty day moving average price of $16.16 and a 200 day moving average price of $13.09. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -31.03 and a beta of 2.20.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. The firm had revenue of $93.97 million for the quarter, compared to analyst estimates of $58.76 million. Adaptive Biotechnologies had a negative return on equity of 58.40% and a negative net margin of 31.50%.Adaptive Biotechnologies’s quarterly revenue was up 102.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.22) earnings per share. Research analysts predict that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CIBC Bancorp USA Inc. acquired a new stake in shares of Adaptive Biotechnologies during the 3rd quarter valued at approximately $238,000. Harvest Investment Services LLC increased its stake in Adaptive Biotechnologies by 104.7% in the 3rd quarter. Harvest Investment Services LLC now owns 344,512 shares of the company’s stock valued at $5,154,000 after purchasing an additional 176,235 shares in the last quarter. Oberweis Asset Management Inc. raised its holdings in Adaptive Biotechnologies by 23.3% during the third quarter. Oberweis Asset Management Inc. now owns 726,500 shares of the company’s stock worth $10,868,000 after purchasing an additional 137,100 shares during the last quarter. Castleark Management LLC purchased a new stake in Adaptive Biotechnologies during the third quarter worth $4,459,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Adaptive Biotechnologies by 17.6% in the third quarter. CANADA LIFE ASSURANCE Co now owns 30,469 shares of the company’s stock valued at $456,000 after purchasing an additional 4,552 shares during the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.