BTIG Research Boosts Adaptive Biotechnologies (NASDAQ:ADPT) Price Target to $8.00

Adaptive Biotechnologies (NASDAQ:ADPT) had its price target boosted by BTIG Research from $7.00 to $8.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Separately, JPMorgan Chase & Co. increased their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Adaptive Biotechnologies currently has an average rating of Moderate Buy and a consensus target price of $7.00.

Adaptive Biotechnologies Stock Up 9.1 %

Shares of ADPT opened at $5.52 on Wednesday. Adaptive Biotechnologies has a 52 week low of $2.28 and a 52 week high of $5.55. The stock has a market cap of $813.47 million, a price-to-earnings ratio of -3.70 and a beta of 1.44. The business has a 50-day simple moving average of $4.59 and a two-hundred day simple moving average of $3.77.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. The company had revenue of $43.19 million for the quarter, compared to analysts’ expectations of $38.63 million. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The firm’s revenue was down 11.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.33) EPS. On average, equities analysts anticipate that Adaptive Biotechnologies will post -1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several hedge funds have recently modified their holdings of ADPT. Rubric Capital Management LP grew its stake in Adaptive Biotechnologies by 33.3% during the second quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after acquiring an additional 3,500,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Adaptive Biotechnologies by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock worth $41,312,000 after purchasing an additional 102,134 shares during the last quarter. ARK Investment Management LLC lifted its position in shares of Adaptive Biotechnologies by 8.1% in the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after buying an additional 850,704 shares in the last quarter. Millennium Management LLC boosted its stake in Adaptive Biotechnologies by 1,008.3% during the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after buying an additional 8,426,580 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Adaptive Biotechnologies by 11.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock valued at $24,977,000 after buying an additional 722,924 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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 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.