Adaptive Biotechnologies (NASDAQ:ADPT) PT Raised to $8.00 at BTIG Research

Adaptive Biotechnologies (NASDAQ:ADPT) had its target price raised by equities research analysts at BTIG Research from $7.00 to $8.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price would indicate a potential upside of 58.10% from the stock’s previous close.

Separately, JPMorgan Chase & Co. boosted their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.00.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock opened at $5.06 on Wednesday. The firm has a market cap of $745.68 million, a P/E ratio of -3.40 and a beta of 1.42. Adaptive Biotechnologies has a fifty-two week low of $2.28 and a fifty-two week high of $5.53. The business’s 50 day moving average price is $4.55 and its 200-day moving average price is $3.74.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. The company had revenue of $43.19 million during the quarter, compared to analysts’ expectations of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The firm’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.33) EPS. As a group, equities analysts predict that Adaptive Biotechnologies will post -1.19 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Rubric Capital Management LP purchased a new stake in Adaptive Biotechnologies during the fourth quarter valued at $14,027,000. Personal CFO Solutions LLC purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth about $55,000. Avenir Corp increased its position in Adaptive Biotechnologies by 117.1% in the fourth quarter. Avenir Corp now owns 66,365 shares of the company’s stock worth $325,000 after buying an additional 35,800 shares in the last quarter. Braidwell LP increased its position in Adaptive Biotechnologies by 40.3% in the fourth quarter. Braidwell LP now owns 1,357,490 shares of the company’s stock worth $6,652,000 after buying an additional 389,800 shares in the last quarter. Finally, Clear Street Markets LLC purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth about $100,000. 99.17% of the stock is owned by 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.