Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up to $40.63


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Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $40.63, but opened at $42.91. Adaptive Biotechnologies shares last traded at $43.79, with a volume of 7,922 shares traded.

A number of brokerages have recently issued reports on ADPT. The Goldman Sachs Group restated a “neutral” rating and set a $63.00 price objective (down previously from $74.00) on shares of Adaptive Biotechnologies in a report on Tuesday, March 9th. Zacks Investment Research cut Adaptive Biotechnologies from a “hold” rating to a “sell” rating in a report on Tuesday, January 12th. BTIG Research boosted their price objective on Adaptive Biotechnologies from $66.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, January 19th. Finally, Morgan Stanley boosted their price objective on Adaptive Biotechnologies from $46.00 to $60.00 and gave the stock an “equal weight” rating in a report on Thursday, March 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $59.33.

The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of -46.09 and a beta of 0.35. The firm’s 50-day simple moving average is $46.63 and its 200 day simple moving average is $52.54.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Tuesday, February 23rd. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.04). The company had revenue of $30.19 million for the quarter, compared to analyst estimates of $27.08 million. Adaptive Biotechnologies had a negative return on equity of 20.15% and a negative net margin of 132.32%. On average, equities research analysts anticipate that Adaptive Biotechnologies Co. will post -1.08 EPS for the current year.

In other news, President Julie Rubinstein sold 8,814 shares of the company’s stock in a transaction on Friday, January 8th. The shares were sold at an average price of $60.46, for a total transaction of $532,894.44. Following the completion of the transaction, the president now directly owns 15,000 shares in the company, valued at $906,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Chad M. Cohen sold 75,000 shares of the business’s stock in a transaction on Tuesday, January 12th. The stock was sold at an average price of $62.59, for a total transaction of $4,694,250.00. Following the completion of the sale, the chief financial officer now directly owns 76,000 shares in the company, valued at approximately $4,756,840. The disclosure for this sale can be found here. Insiders have sold 1,264,609 shares of company stock valued at $65,272,781 over the last quarter. Company insiders own 22.20% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth $26,000. HM Payson & Co. bought a new stake in shares of Adaptive Biotechnologies in the third quarter worth $30,000. NEXT Financial Group Inc bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth $33,000. Nisa Investment Advisors LLC bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth $202,000. Finally, Adalta Capital Management LLC bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth $207,000. 80.80% of the stock is currently owned by institutional investors.

About Adaptive Biotechnologies (NASDAQ:ADPT)

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 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.

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