Adaptive Biotechnologies (NASDAQ:ADPT) Shares Down 6.5% – Here’s What Happened

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) dropped 6.5% during trading on Tuesday . The stock traded as low as $5.98 and last traded at $6.04. Approximately 669,078 shares traded hands during trading, a decline of 55% from the average daily volume of 1,503,285 shares. The stock had previously closed at $6.46.

Wall Street Analyst Weigh In

ADPT has been the topic of several recent research reports. BTIG Research lifted their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler lifted their target price on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Adaptive Biotechnologies Stock Down 3.4 %

The firm’s 50-day moving average price is $6.10 and its two-hundred day moving average price is $5.08. The firm has a market capitalization of $1.02 billion, a PE ratio of -5.16 and a beta of 1.47.

Institutional Trading of Adaptive Biotechnologies

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Adaptive Biotechnologies by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 460,132 shares of the company’s stock valued at $1,666,000 after buying an additional 64,788 shares in the last quarter. Rhumbline Advisers grew its stake in Adaptive Biotechnologies by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 188,285 shares of the company’s stock valued at $682,000 after acquiring an additional 14,430 shares in the last quarter. American Century Companies Inc. grew its stake in Adaptive Biotechnologies by 18.3% during the 2nd quarter. American Century Companies Inc. now owns 45,562 shares of the company’s stock valued at $165,000 after acquiring an additional 7,039 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Adaptive Biotechnologies by 50.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock valued at $14,162,000 after purchasing an additional 1,319,709 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Adaptive Biotechnologies by 188.7% in the second quarter. Renaissance Technologies LLC now owns 151,800 shares of the company’s stock worth $550,000 after purchasing an additional 99,217 shares in the last quarter. 99.17% of the stock is owned by institutional investors and hedge funds.

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.