Millennium Management LLC Sells 3,107,939 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Millennium Management LLC decreased its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 33.1% in the 4th quarter, HoldingsChannel reports. The firm owned 6,292,634 shares of the company’s stock after selling 3,107,939 shares during the quarter. Millennium Management LLC’s holdings in Adaptive Biotechnologies were worth $37,724,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in Adaptive Biotechnologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company’s stock worth $64,236,000 after purchasing an additional 75,448 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Adaptive Biotechnologies by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock worth $20,209,000 after purchasing an additional 489,555 shares during the period. Geode Capital Management LLC lifted its position in Adaptive Biotechnologies by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 2,684,506 shares of the company’s stock worth $16,098,000 after purchasing an additional 22,628 shares during the period. Voya Investment Management LLC lifted its position in Adaptive Biotechnologies by 6,121.7% during the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock worth $14,560,000 after purchasing an additional 2,389,674 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Adaptive Biotechnologies by 12.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,604,876 shares of the company’s stock worth $9,622,000 after purchasing an additional 183,881 shares during the period. Institutional investors own 99.17% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ADPT shares. Morgan Stanley upped their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Monday, May 5th. Piper Sandler reissued an “overweight” rating and set a $13.00 target price (up previously from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. The Goldman Sachs Group boosted their target price on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Finally, Scotiabank boosted their target price on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.83.

Adaptive Biotechnologies Trading Up 1.6%

Shares of NASDAQ ADPT opened at $9.05 on Friday. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -8.30 and a beta of 1.75. Adaptive Biotechnologies Co. has a 12 month low of $2.99 and a 12 month high of $10.28. The stock has a 50-day moving average price of $8.03 and a two-hundred day moving average price of $7.21.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. The company had revenue of $52.44 million during the quarter, compared to the consensus estimate of $42.13 million. During the same quarter in the prior year, the firm posted ($0.33) earnings per share. The firm’s revenue was up 25.2% compared to the same quarter last year. On average, sell-side analysts predict that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Insider Activity

In other news, insider Francis Lo sold 20,875 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total value of $145,916.25. Following the completion of the transaction, the insider now owns 332,846 shares of the company’s stock, valued at $2,326,593.54. This represents a 5.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Chad M. Robins sold 99,107 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $8.44, for a total value of $836,463.08. Following the completion of the transaction, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at $21,747,356.44. This represents a 3.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 667,092 shares of company stock valued at $5,198,980 over the last quarter. 6.40% of the stock is owned by company insiders.

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.