Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 6.7%

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price was up 6.7% on Friday . The company traded as high as $4.17 and last traded at $4.15. Approximately 321,605 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,563,726 shares. The stock had previously closed at $3.89.

Analyst Upgrades and Downgrades

Separately, BTIG Research cut their price objective on Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $6.80.

Adaptive Biotechnologies Trading Up 1.3 %

The business’s 50-day simple moving average is $3.47 and its 200-day simple moving average is $3.58. The company has a market cap of $580.64 million, a PE ratio of -2.77 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its earnings results on Tuesday, May 7th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.02. The firm had revenue of $41.87 million for the quarter, compared to the consensus estimate of $38.78 million. Adaptive Biotechnologies had a negative return on equity of 56.58% and a negative net margin of 123.24%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.40) earnings per share. On average, research analysts predict that Adaptive Biotechnologies Co. will post -1.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently bought and sold shares of the stock. Rubric Capital Management LP acquired a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at about $14,027,000. ARK Investment Management LLC raised its position in shares of Adaptive Biotechnologies by 11.3% in the fourth quarter. ARK Investment Management LLC now owns 12,806,513 shares of the company’s stock valued at $62,752,000 after purchasing an additional 1,297,205 shares during the period. abrdn plc acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth $4,576,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Adaptive Biotechnologies by 32.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,603,500 shares of the company’s stock worth $12,757,000 after buying an additional 632,040 shares during the period. Finally, Braidwell LP grew its stake in Adaptive Biotechnologies by 40.3% in the 4th quarter. Braidwell LP now owns 1,357,490 shares of the company’s stock valued at $6,652,000 after buying an additional 389,800 shares during the last quarter. 99.17% of the stock is currently owned by institutional investors.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunosequencing platform which combines a suite of proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data to decode the adaptive immune system.