Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 1-Year High – What’s Next?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price hit a new 52-week high during mid-day trading on Monday. The company traded as high as $30.74 and last traded at $30.6280, with a volume of 1,694,623 shares traded. The stock had previously closed at $27.98.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADPT shares. BTIG Research raised their price target on Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday, September 22nd. National Bank Financial set a $34.00 price target on shares of Adaptive Biotechnologies in a research note on Tuesday, September 22nd. The Goldman Sachs Group initiated coverage on shares of Adaptive Biotechnologies in a report on Tuesday, September 29th. They issued a “buy” rating and a $35.00 price target on the stock. Morgan Stanley raised their price objective on shares of Adaptive Biotechnologies from $22.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Finally, Guggenheim upped their target price on shares of Adaptive Biotechnologies from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.06.

Adaptive Biotechnologies Trading Up 9.8%

The firm has a market cap of $4.97 billion, a P/E ratio of -67.98 and a beta of 2.18. The firm’s fifty day moving average is $26.42 and its two-hundred day moving average is $19.86. The company has a quick ratio of 3.87, a current ratio of 3.97 and a debt-to-equity ratio of 1.82.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Wednesday, November 4th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.12. Adaptive Biotechnologies had a negative net margin of 23.67% and a negative return on equity of 23.95%. The firm had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $71.57 million. During the same quarter in the previous year, the business posted $0.06 EPS. The company’s quarterly revenue was down 10.7% on a year-over-year basis. Analysts predict that Adaptive Biotechnologies Corporation will post -0.40 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Julie Rubinstein sold 11,881 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $26.53, for a total value of $315,202.93. Following the transaction, the chief operating officer owned 377,802 shares in the company, valued at approximately $10,023,087.06. This represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,059,644 shares of company stock worth $27,046,836. 5.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in ADPT. Virtus Advisers LLC lifted its holdings in shares of Adaptive Biotechnologies by 16.1% during the third quarter. Virtus Advisers LLC now owns 18,810 shares of the company’s stock valued at $544,000 after purchasing an additional 2,613 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Adaptive Biotechnologies by 14.0% during the third quarter. Russell Investments Group Ltd. now owns 89,721 shares of the company’s stock valued at $2,593,000 after buying an additional 10,999 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in Adaptive Biotechnologies in the 3rd quarter worth about $252,000. University of Texas Texas AM Investment Management Co. bought a new stake in Adaptive Biotechnologies in the 3rd quarter worth about $277,000. Finally, Ethic Inc. bought a new stake in Adaptive Biotechnologies in the 3rd quarter worth about $244,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a biotechnology company focused on using the human immune system to diagnose and treat disease. Based in Seattle, Washington, the company develops technologies that sequence and analyze immune cells and their receptors, generating data for clinical testing, research and drug development.

Its products include immunoSEQ, a platform used by researchers and biopharmaceutical companies to study immune responses, and clonoSEQ, a clinical test that detects and monitors minimal residual disease in certain blood cancers.