Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 8.2% – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) was down 8.2% on Friday . The company traded as low as $7.51 and last traded at $7.55. Approximately 1,015,272 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 1,472,465 shares. The stock had previously closed at $8.22.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADPT. The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $8.00 to $9.00 in a research report on Friday, March 21st. Scotiabank upped their target price on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. BTIG Research raised their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, Piper Sandler restated an “overweight” rating and set a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Stock Performance

The company has a market cap of $1.14 billion, a price-to-earnings ratio of -7.04 and a beta of 1.53. The company’s 50 day moving average price is $7.89 and its 200-day moving average price is $6.37.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same period in the previous year, the company earned ($0.30) EPS. As a group, sell-side analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Insider Activity at Adaptive Biotechnologies

In other news, CEO Chad M. Robins sold 211,160 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total value of $1,794,860.00. Following the completion of the sale, the chief executive officer now owns 2,576,701 shares in the company, valued at $21,901,958.50. This represents a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Francis Lo sold 20,875 shares of Adaptive Biotechnologies stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $6.99, for a total value of $145,916.25. Following the transaction, the insider now owns 332,846 shares in the company, valued at $2,326,593.54. This represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 757,601 shares of company stock worth $6,040,624. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV acquired a new stake in shares of Adaptive Biotechnologies during the 4th quarter valued at $50,000. Townsquare Capital LLC purchased a new stake in shares of Adaptive Biotechnologies during the third quarter worth $56,000. GAMMA Investing LLC acquired a new stake in Adaptive Biotechnologies during the fourth quarter valued at $59,000. Cibc World Markets Corp purchased a new position in Adaptive Biotechnologies in the fourth quarter valued at about $65,000. Finally, Centiva Capital LP acquired a new position in Adaptive Biotechnologies in the 3rd quarter worth about $80,000. 99.17% of the stock is owned by hedge funds and other 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.