Zacks Investment Research Lowers Adaptive Biotechnologies (NASDAQ:ADPT) to Sell

Adaptive Biotechnologies (NASDAQ:ADPT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Adaptive Biotechnologies Corporation is a commercial-stage biotech company. It develops and commercializes immune-driven clinical products to transform the diagnosis and treatment of disease. The company’s product pipeline includes immunoSEQ, clonoSEQ and cellular therapy which are in clinical stage. Adaptive Biotechnologies Corporation is based in Seattle, Washington. “

ADPT has been the topic of several other reports. Morgan Stanley boosted their target price on Adaptive Biotechnologies from $42.00 to $46.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 11th. BTIG Research boosted their target price on Adaptive Biotechnologies from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, November 12th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $60.00 target price (up from $50.00) on shares of Adaptive Biotechnologies in a report on Wednesday, November 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $54.67.

NASDAQ ADPT opened at $63.49 on Tuesday. The stock’s 50 day moving average is $56.22 and its two-hundred day moving average is $47.53. The company has a market capitalization of $8.68 billion, a price-to-earnings ratio of -66.83 and a beta of 0.35. Adaptive Biotechnologies has a 1-year low of $15.19 and a 1-year high of $65.69.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Sunday, November 15th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.01. The company had revenue of $26.30 million for the quarter, compared to the consensus estimate of $23.58 million. Adaptive Biotechnologies had a negative return on equity of 20.15% and a negative net margin of 132.32%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) earnings per share. Equities analysts expect that Adaptive Biotechnologies will post -1.08 EPS for the current year.

In related news, CEO Chad M. Robins sold 16,680 shares of the business’s stock in a transaction that occurred on Tuesday, November 17th. The shares were sold at an average price of $46.12, for a total value of $769,281.60. Following the completion of the transaction, the chief executive officer now owns 1,794,860 shares in the company, valued at approximately $82,778,943.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stacy L. Taylor sold 2,880 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $49.78, for a total transaction of $143,366.40. Following the completion of the transaction, the senior vice president now owns 2,410 shares of the company’s stock, valued at approximately $119,969.80. The disclosure for this sale can be found here. Insiders sold a total of 4,075,467 shares of company stock valued at $212,253,575 in the last 90 days. 22.20% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Adaptive Biotechnologies by 26.2% during the 2nd quarter. Vanguard Group Inc. now owns 5,641,434 shares of the company’s stock valued at $272,933,000 after acquiring an additional 1,169,653 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Adaptive Biotechnologies by 31.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,952,304 shares of the company’s stock valued at $143,571,000 after acquiring an additional 713,320 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Adaptive Biotechnologies by 7.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,847,952 shares of the company’s stock valued at $89,871,000 after acquiring an additional 124,605 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Adaptive Biotechnologies by 61.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,417,291 shares of the company’s stock valued at $68,087,000 after acquiring an additional 538,418 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Adaptive Biotechnologies by 17.8% during the 3rd quarter. Wells Fargo & Company MN now owns 1,102,973 shares of the company’s stock valued at $53,638,000 after acquiring an additional 166,746 shares during the last quarter. Institutional investors own 80.80% 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 immunoSEQ research service and kit that is used to answer research questions, as well as to discover new prognostic and diagnostic signals.

Featured Article: How does inflation affect different investments?

Get a free copy of the Zacks research report on Adaptive Biotechnologies (ADPT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Adaptive Biotechnologies (NASDAQ:ADPT)

Receive News & Ratings for Adaptive Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adaptive Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.