Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Receives $24.42 Consensus Price Target from Brokerages

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) has been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $27.0714.

A number of analysts have recently issued reports on ADPT shares. Morgan Stanley raised their target price on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. TD Cowen increased their price target on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Guggenheim raised their price objective on shares of Adaptive Biotechnologies from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. BTIG Research boosted their price objective on Adaptive Biotechnologies from $25.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, National Bank Financial set a $34.00 target price on Adaptive Biotechnologies in a research report on Tuesday.

Adaptive Biotechnologies Stock Down 0.6%

ADPT stock opened at $27.89 on Thursday. Adaptive Biotechnologies has a 1-year low of $12.00 and a 1-year high of $28.78. The business’s 50 day simple moving average is $24.73 and its 200 day simple moving average is $18.91. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. The firm has a market capitalization of $4.45 billion, a PE ratio of -68.02 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The business had revenue of $71.55 million for the quarter, compared to analyst estimates of $65.44 million. During the same period in the prior year, the business earned ($0.17) EPS. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, research analysts anticipate that Adaptive Biotechnologies will post -0.4 EPS for the current year.

Insider Transactions at Adaptive Biotechnologies

In other news, Director Peter M. Neupert sold 124,690 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $25.15, for a total value of $3,135,953.50. Following the completion of the sale, the director owned 130,625 shares of the company’s stock, valued at approximately $3,285,218.75. The trade was a 48.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Francis Lo sold 115,406 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $28.06, for a total transaction of $3,238,292.36. Following the completion of the transaction, the insider owned 220,867 shares in the company, valued at $6,197,528.02. This trade represents a 34.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 2,017,025 shares of company stock worth $47,093,615. 5.70% of the stock is currently owned by company insiders.

Institutional Trading of Adaptive Biotechnologies

A number of institutional investors have recently bought and sold shares of the business. Tidal Investments LLC acquired a new position in shares of Adaptive Biotechnologies during the 2nd quarter worth approximately $855,000. Integrated Wealth Concepts LLC bought a new position in shares of Adaptive Biotechnologies during the second quarter worth approximately $46,000. Arizona State Retirement System boosted its stake in shares of Adaptive Biotechnologies by 1.3% in the second quarter. Arizona State Retirement System now owns 31,866 shares of the company’s stock valued at $684,000 after buying an additional 416 shares during the period. Nykredit A S bought a new stake in shares of Adaptive Biotechnologies in the second quarter valued at approximately $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Adaptive Biotechnologies during the second quarter worth approximately $754,000. Institutional investors own 99.17% of the company’s stock.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.