Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up Following Better-Than-Expected Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $3.11, but opened at $3.36. Adaptive Biotechnologies shares last traded at $3.51, with a volume of 865,157 shares traded.

The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.02. The business had revenue of $41.87 million for the quarter, compared to analyst estimates of $38.78 million. Adaptive Biotechnologies had a negative return on equity of 53.65% and a negative net margin of 132.29%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) earnings per share.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADPT. The Goldman Sachs Group decreased their price target on Adaptive Biotechnologies from $11.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. JPMorgan Chase & Co. decreased their price target on Adaptive Biotechnologies from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Thursday, February 15th. Finally, BTIG Research decreased their price target on Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.80.

Insider Buying and Selling at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 13,381 shares of Adaptive Biotechnologies stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total value of $45,896.83. Following the completion of the transaction, the senior vice president now directly owns 166,287 shares in the company, valued at $570,364.41. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, President Julie Rubinstein sold 39,070 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $3.47, for a total transaction of $135,572.90. Following the completion of the transaction, the president now directly owns 472,754 shares in the company, valued at $1,640,456.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stacy L. Taylor sold 13,381 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total value of $45,896.83. Following the transaction, the senior vice president now owns 166,287 shares of the company’s stock, valued at $570,364.41. The disclosure for this sale can be found here. Insiders sold a total of 124,307 shares of company stock worth $428,090 over the last ninety days. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Manchester Capital Management LLC acquired a new position in shares of Adaptive Biotechnologies during the first quarter worth approximately $32,000. First Trust Direct Indexing L.P. acquired a new position in shares of Adaptive Biotechnologies during the first quarter worth approximately $47,000. Personal CFO Solutions LLC acquired a new position in shares of Adaptive Biotechnologies during the fourth quarter worth approximately $55,000. AXQ Capital LP acquired a new position in shares of Adaptive Biotechnologies during the third quarter worth approximately $58,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in Adaptive Biotechnologies during the first quarter worth approximately $60,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Price Performance

The stock has a market cap of $524.63 million, a P/E ratio of -2.39 and a beta of 1.27. The company has a fifty day moving average of $3.05 and a 200 day moving average of $3.90.

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.