Adaptive Biotechnologies (NASDAQ:ADPT) Stock Rating Lowered by Zacks Investment Research


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Adaptive Biotechnologies (NASDAQ:ADPT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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. “

Several other analysts have also recently commented on ADPT. JPMorgan Chase & Co. restated an “overweight” rating and issued a $60.00 target price (up from $50.00) on shares of Adaptive Biotechnologies in a research report on Wednesday, November 11th. BTIG Research raised their target price on Adaptive Biotechnologies from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, November 12th. Finally, Morgan Stanley raised their target price on Adaptive Biotechnologies from $42.00 to $46.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $54.67.

Shares of NASDAQ ADPT opened at $63.49 on Tuesday. The company has a market cap of $8.68 billion, a price-to-earnings ratio of -66.83 and a beta of 0.35. Adaptive Biotechnologies has a 12-month low of $15.19 and a 12-month high of $65.69. The stock’s 50 day simple moving average is $56.22 and its 200 day simple moving average is $47.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Sunday, November 15th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.01. The business 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 business’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business posted ($0.11) EPS. Equities research analysts forecast that Adaptive Biotechnologies will post -1.08 earnings per share for the current year.

In other news, CFO Chad M. Cohen sold 30,000 shares of Adaptive Biotechnologies stock in a transaction on Monday, November 9th. The stock was sold at an average price of $49.16, for a total transaction of $1,474,800.00. Following the transaction, the chief financial officer now directly owns 31,000 shares in the company, valued at approximately $1,523,960. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Stacy L. Taylor sold 2,880 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $49.78, for a total value of $143,366.40. Following the sale, the senior vice president now directly owns 2,410 shares of the company’s stock, valued at $119,969.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,075,467 shares of company stock worth $212,253,575. 22.20% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HM Payson & Co. bought a new stake in shares of Adaptive Biotechnologies during the 3rd quarter worth $30,000. American International Group Inc. boosted its stake in shares of Adaptive Biotechnologies by 39.8% during the 2nd quarter. American International Group Inc. now owns 1,946 shares of the company’s stock worth $94,000 after acquiring an additional 554 shares in the last quarter. AdvisorNet Financial Inc bought a new stake in shares of Adaptive Biotechnologies during the 2nd quarter worth $109,000. Point72 Hong Kong Ltd bought a new stake in shares of Adaptive Biotechnologies during the 2nd quarter worth $210,000. Finally, Neo Ivy Capital Management boosted its stake in shares of Adaptive Biotechnologies by 753.0% during the 3rd quarter. Neo Ivy Capital Management now owns 4,342 shares of the company’s stock worth $211,000 after acquiring an additional 3,833 shares in the last quarter. 80.80% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Adaptive Biotechnologies (NASDAQ:ADPT)

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