Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 17.6% – Still a Buy?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price shot up 17.6% during trading on Wednesday . The company traded as high as $7.18 and last traded at $7.14. 382,689 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 1,393,907 shares. The stock had previously closed at $6.07.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ADPT shares. Piper Sandler increased their target price on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. BTIG Research increased their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th.

Adaptive Biotechnologies Stock Down 3.4 %

The company’s fifty day moving average price is $6.10 and its two-hundred day moving average price is $5.08.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings 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 worth $33,530,000 after acquiring an additional 8,426,580 shares during the period. Rubric Capital Management LP grew its stake in shares of Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after purchasing an additional 3,500,000 shares during the period. 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Adaptive Biotechnologies by 12.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after purchasing an additional 834,253 shares during the period. Finally, Clearline Capital LP acquired a new stake in shares of Adaptive Biotechnologies in the third quarter valued at about $3,147,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.