Adaptive Biotechnologies (NASDAQ:ADPT) Now Covered by Analysts at Craig Hallum

Craig Hallum started coverage on shares of Adaptive Biotechnologies (NASDAQ:ADPT) in a report published on Wednesday morning, MarketBeat reports. The brokerage issued a buy rating and a $15.00 target price on the stock.

A number of other brokerages have also recently issued reports on ADPT. The Goldman Sachs Group lifted their price objective on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Piper Sandler reiterated an “overweight” rating and set a $13.00 price objective (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Finally, Morgan Stanley lifted their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an “equal weight” rating in a report on Monday, May 5th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $10.57.

Adaptive Biotechnologies Trading Up 3.3%

ADPT opened at $10.47 on Wednesday. Adaptive Biotechnologies has a 1-year low of $2.99 and a 1-year high of $10.87. The company has a market cap of $1.59 billion, a P/E ratio of -10.91 and a beta of 1.80. The company has a fifty day moving average price of $8.92 and a two-hundred day moving average price of $7.89.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.08. Adaptive Biotechnologies had a negative net margin of 74.84% and a negative return on equity of 62.79%. The firm had revenue of $52.44 million during the quarter, compared to the consensus estimate of $42.13 million. During the same period in the previous year, the firm posted ($0.33) earnings per share. The business’s revenue was up 25.2% compared to the same quarter last year. On average, research analysts forecast that Adaptive Biotechnologies will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Harlan S. Robins sold 68,412 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total transaction of $502,828.20. Following the transaction, the insider now directly owns 1,279,524 shares in the company, valued at approximately $9,404,501.40. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 72,039 shares of company stock worth $535,259. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADPT. Cibc World Markets Corp bought a new stake in Adaptive Biotechnologies in the fourth quarter worth about $65,000. Blair William & Co. IL bought a new stake in Adaptive Biotechnologies in the first quarter worth about $84,000. Personal CFO Solutions LLC bought a new stake in Adaptive Biotechnologies in the first quarter worth about $84,000. Wealth Enhancement Advisory Services LLC bought a new stake in Adaptive Biotechnologies in the first quarter worth about $87,000. Finally, Candriam S.C.A. bought a new stake in Adaptive Biotechnologies in the first quarter worth about $90,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

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.