Adaptive Biotechnologies (NASDAQ:ADPT) Trading Down 9.1%

Financial News Live · Sep 13, 2022 14:32

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) fell 9.1% on Tuesday . The company traded as low as $8.18 and last traded at $8.21. 37,349 shares were traded during mid-day trading, a decline of 96% from the average session volume of 1,018,350 shares. The stock had previously closed at $9.03.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADPT. Credit Suisse Group started coverage on Adaptive Biotechnologies in a research note on Wednesday, August 24th. They set an "underperform" rating and a $8.00 price objective for the company. Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $7.50 to $12.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 17th. The Goldman Sachs Group reduced their price objective on shares of Adaptive Biotechnologies from $14.00 to $10.00 and set a "neutral" rating for the company in a research note on Tuesday, May 24th. Finally, BTIG Research reduced their price objective on shares of Adaptive Biotechnologies to $17.00 in a research note on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Adaptive Biotechnologies presently has a consensus rating of "Hold" and a consensus price target of $22.29.

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Adaptive Biotechnologies Price Performance

The stock's 50-day moving average is $10.00 and its two-hundred day moving average is $9.90. The stock has a market cap of $1.19 billion, a P/E ratio of -5.02 and a beta of 0.96.

Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.37) earnings per share for the quarter, topping analysts' consensus estimates of ($0.43) by $0.06. Adaptive Biotechnologies had a negative net margin of 145.37% and a negative return on equity of 39.90%. During the same quarter last year, the business earned ($0.35) earnings per share. On average, analysts anticipate that Adaptive Biotechnologies Co. will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Adaptive Biotechnologies news, insider Nitin Sood sold 17,540 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $10.98, for a total transaction of $192,589.20. Following the completion of the transaction, the insider now owns 145,571 shares in the company, valued at $1,598,369.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd lifted its position in Adaptive Biotechnologies by 7.8% during the fourth quarter. WINTON GROUP Ltd now owns 15,300 shares of the company's stock valued at $429,000 after purchasing an additional 1,103 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Adaptive Biotechnologies by 5.7% in the 1st quarter. SG Americas Securities LLC now owns 25,239 shares of the company's stock worth $350,000 after acquiring an additional 1,363 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Adaptive Biotechnologies by 8.3% in the 2nd quarter. Arizona State Retirement System now owns 26,859 shares of the company's stock worth $217,000 after acquiring an additional 2,061 shares during the last quarter. Family Management Corp lifted its holdings in shares of Adaptive Biotechnologies by 14.3% in the 4th quarter. Family Management Corp now owns 17,556 shares of the company's stock worth $493,000 after acquiring an additional 2,193 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Adaptive Biotechnologies by 10.1% in the 1st quarter. Amalgamated Bank now owns 24,913 shares of the company's stock worth $346,000 after acquiring an additional 2,285 shares during the last quarter. Institutional investors own 93.49% of the company's stock.

About Adaptive Biotechnologies

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Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection.