Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 1-Year High – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $7.50 and last traded at $7.45, with a volume of 1765685 shares trading hands. The stock had previously closed at $6.81.

Analyst Ratings Changes

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

Adaptive Biotechnologies Stock Performance

The stock’s 50 day simple moving average is $6.13 and its 200 day simple moving average is $5.15. The firm has a market cap of $1.10 billion, a P/E ratio of -5.56 and a beta of 1.47.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after purchasing an additional 8,426,580 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Adaptive Biotechnologies by 12.1% during 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 buying an additional 834,253 shares during the last quarter. Clearline Capital LP purchased a new position in shares of Adaptive Biotechnologies during the third quarter valued at approximately $3,147,000. Point72 Asset Management L.P. purchased a new stake in Adaptive Biotechnologies in the 3rd quarter valued at $2,537,000. Finally, Rubric Capital Management LP raised its position in Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after buying an additional 400,000 shares during the last quarter. Institutional investors and hedge funds 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.