Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 6.4% – Should You Buy?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) shot up 6.4% during mid-day trading on Tuesday . The stock traded as high as $26.00 and last traded at $26.3680. Approximately 1,062,053 shares were traded during mid-day trading, a decline of 53% from the average session volume of 2,258,277 shares. The stock had previously closed at $24.78.

Wall Street Analysts Forecast Growth

ADPT has been the subject of several analyst reports. TD Cowen raised their price target on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Guggenheim increased their target price on Adaptive Biotechnologies from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Morgan Stanley lifted their target price on Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. BTIG Research boosted their price target on Adaptive Biotechnologies from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Piper Sandler upped their price target on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.42.

Adaptive Biotechnologies Stock Performance

The company has a market cap of $4.31 billion, a PE ratio of -66.00 and a beta of 2.09. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. The business has a 50-day moving average of $23.81 and a 200 day moving average of $18.33.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its 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). The firm had revenue of $71.55 million during the quarter, compared to analysts’ expectations of $65.44 million. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%.The company’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.17) earnings per share. Equities research analysts anticipate that Adaptive Biotechnologies Corporation will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Chad Robins sold 321,324 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $25.08, for a total transaction of $8,058,805.92. Following the completion of the sale, the chief executive officer directly owned 2,180,518 shares in the company, valued at approximately $54,687,391.44. The trade was a 12.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sharon Benzeno sold 154,768 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $21.14, for a total transaction of $3,271,795.52. Following the completion of the transaction, the insider owned 221,278 shares in the company, valued at $4,677,816.92. The trade was a 41.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,900,424 shares of company stock valued at $43,823,058 in the last 90 days. 5.70% of the stock is owned by insiders.

Institutional Trading of Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently bought and sold shares of ADPT. 1492 Capital Management LLC purchased a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at about $1,484,000. Jupiter Asset Management Ltd. lifted its holdings in Adaptive Biotechnologies by 33.8% during the fourth quarter. Jupiter Asset Management Ltd. now owns 362,811 shares of the company’s stock valued at $5,892,000 after purchasing an additional 91,683 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Adaptive Biotechnologies during the fourth quarter valued at approximately $65,942,000. Wasatch Advisors LP bought a new position in shares of Adaptive Biotechnologies in the second quarter worth approximately $12,361,000. Finally, Rhenman & Partners Asset Management AB increased its stake in shares of Adaptive Biotechnologies by 22.2% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 605,000 shares of the company’s stock worth $9,825,000 after purchasing an additional 110,000 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Company Profile

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.