Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 9.9%

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price rose 9.9% on Thursday . The company traded as high as $48.50 and last traded at $47.81, approximately 968,294 shares traded hands during mid-day trading. An increase of 29% from the average daily volume of 748,462 shares. The stock had previously closed at $43.49.

ADPT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Adaptive Biotechnologies in a report on Monday, July 22nd. They issued an “overweight” rating and a $45.00 target price on the stock. BTIG Research initiated coverage on Adaptive Biotechnologies in a report on Tuesday, July 23rd. They issued a “buy” rating and a $46.00 target price on the stock. William Blair initiated coverage on Adaptive Biotechnologies in a report on Monday, July 22nd. They issued an “outperform” rating on the stock. Cowen initiated coverage on Adaptive Biotechnologies in a report on Monday, July 22nd. They issued an “outperform” rating on the stock. Finally, Guggenheim initiated coverage on Adaptive Biotechnologies in a report on Monday, July 22nd. They issued a “buy” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Adaptive Biotechnologies has an average rating of “Buy” and an average target price of $43.00.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($0.15) by ($1.08). The business had revenue of $22.10 million during the quarter, compared to the consensus estimate of $19.39 million. The business’s revenue for the quarter was up 90.5% compared to the same quarter last year. As a group, equities research analysts forecast that Adaptive Biotechnologies Corporation will post -0.62 earnings per share for the current fiscal year.

In related news, major shareholder Viking Global Performance Llc acquired 250,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were bought at an average cost of $20.00 per share, with a total value of $5,000,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nancy Louise Hill acquired 11,200 shares of the business’s stock in a transaction on Monday, July 1st. The stock was bought at an average cost of $20.00 per share, for a total transaction of $224,000.00. The disclosure for this purchase can be found here. Insiders acquired 262,200 shares of company stock worth $5,244,000 over the last three months. 34.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in ADPT. Bamco Inc. NY bought a new stake in Adaptive Biotechnologies in the second quarter valued at about $31,723,000. Waddell & Reed Financial Inc. bought a new stake in Adaptive Biotechnologies in the second quarter valued at about $1,193,000. Zimmer Partners LP bought a new stake in Adaptive Biotechnologies in the second quarter valued at about $1,763,000. Pictet Asset Management Ltd. bought a new stake in Adaptive Biotechnologies in the second quarter valued at about $18,113,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in Adaptive Biotechnologies in the second quarter valued at about $43,470,000. 0.75% of the stock is currently owned by institutional investors.

About Adaptive Biotechnologies (NASDAQ:ADPT)

Adaptive Biotechnologies Corporation 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 that inform current and future clinical trials, as well as to discover new prognostic and diagnostic signals.

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