Adaptive Biotechnologies (NASDAQ:ADPT) Upgraded to “Buy” at The Goldman Sachs Group

Adaptive Biotechnologies (NASDAQ:ADPT) was upgraded by The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat reports. The firm currently has a $9.00 target price on the stock, up from their previous target price of $8.00. The Goldman Sachs Group’s price objective suggests a potential upside of 7.14% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. BTIG Research lifted their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Scotiabank lifted their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Adaptive Biotechnologies presently has a consensus rating of “Buy” and a consensus price target of $9.40.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT opened at $8.40 on Friday. Adaptive Biotechnologies has a 1 year low of $2.28 and a 1 year high of $8.95. The firm’s 50 day moving average price is $7.74 and its 200 day moving average price is $6.23. The firm has a market cap of $1.25 billion, a P/E ratio of -7.71 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same quarter last year, the company earned ($0.30) EPS. As a group, equities analysts predict that Adaptive Biotechnologies will post -0.92 EPS for the current year.

Insider Activity

In other news, Director Peter M. Neupert sold 10,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $7.05, for a total value of $70,500.00. Following the transaction, the director now owns 224,690 shares of the company’s stock, valued at approximately $1,584,064.50. This trade represents a 4.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kyle Piskel sold 10,320 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $72,033.60. Following the completion of the transaction, the chief financial officer now directly owns 269,010 shares in the company, valued at approximately $1,877,689.80. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 755,903 shares of company stock valued at $6,025,342. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently made changes to their positions in the business. Impact Partnership Wealth LLC increased its stake in Adaptive Biotechnologies by 8.8% during the 4th quarter. Impact Partnership Wealth LLC now owns 19,078 shares of the company’s stock worth $114,000 after buying an additional 1,539 shares during the period. Russell Investments Group Ltd. increased its stake in Adaptive Biotechnologies by 2.7% during the 4th quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock worth $486,000 after buying an additional 2,163 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Adaptive Biotechnologies by 4.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company’s stock worth $395,000 after buying an additional 2,625 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Adaptive Biotechnologies by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 31,292 shares of the company’s stock worth $188,000 after buying an additional 2,928 shares during the period. Finally, MetLife Investment Management LLC increased its stake in Adaptive Biotechnologies by 5.6% during the 4th quarter. MetLife Investment Management LLC now owns 68,976 shares of the company’s stock worth $414,000 after buying an additional 3,650 shares during the period. 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.