Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down – Should You Sell?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $17.46, but opened at $16.24. Adaptive Biotechnologies shares last traded at $15.9570, with a volume of 1,116,548 shares traded.

Analysts Set New Price Targets

ADPT has been the subject of a number of analyst reports. BTIG Research increased their price objective on Adaptive Biotechnologies from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Piper Sandler raised their price objective on shares of Adaptive Biotechnologies from $15.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Wall Street Zen raised Adaptive Biotechnologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Wednesday, October 8th. Finally, Guggenheim started coverage on Adaptive Biotechnologies in a report on Tuesday, September 30th. They set a “buy” rating and a $20.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.11.

Adaptive Biotechnologies Trading Down 10.4%

The firm has a fifty day moving average of $16.33 and a 200 day moving average of $13.15. The company has a market capitalization of $2.39 billion, a P/E ratio of -29.12 and a beta of 2.20.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.01. Adaptive Biotechnologies had a negative net margin of 31.50% and a negative return on equity of 58.40%. The business had revenue of $93.97 million for the quarter, compared to analysts’ expectations of $58.76 million. During the same quarter in the prior year, the business earned ($0.22) EPS. The business’s revenue for the quarter was up 102.4% compared to the same quarter last year. Sell-side analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current fiscal year.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 124,998 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $18.94, for a total value of $2,367,462.12. Following the completion of the sale, the chief executive officer owned 2,709,241 shares of the company’s stock, valued at approximately $51,313,024.54. The trade was a 4.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kyle Piskel sold 162,820 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $19.50, for a total value of $3,174,990.00. Following the transaction, the chief financial officer directly owned 216,637 shares in the company, valued at $4,224,421.50. The trade was a 42.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,029,459 shares of company stock worth $17,856,486. Company insiders own 6.40% of the company’s stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Bancorp USA Inc. bought a new position in shares of Adaptive Biotechnologies in the 3rd quarter worth approximately $238,000. Harvest Investment Services LLC increased its holdings in Adaptive Biotechnologies by 104.7% during the third quarter. Harvest Investment Services LLC now owns 344,512 shares of the company’s stock valued at $5,154,000 after buying an additional 176,235 shares during the last quarter. Oberweis Asset Management Inc. increased 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 valued at $10,868,000 after buying an additional 137,100 shares during the last quarter. Castleark Management LLC bought a new position in Adaptive Biotechnologies in the third quarter worth approximately $4,459,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in shares of Adaptive Biotechnologies by 17.6% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 30,469 shares of the company’s stock worth $456,000 after acquiring an additional 4,552 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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.