Adaptive Biotechnologies (NASDAQ:ADPT) Trading 7.2% Higher – Still a Buy?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price shot up 7.2% on Monday . The stock traded as high as $6.40 and last traded at $6.37. 408,412 shares were traded during trading, a decline of 71% from the average session volume of 1,417,168 shares. The stock had previously closed at $5.94.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADPT. BTIG Research increased their price target on Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Piper Sandler increased their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a report on Monday, November 11th.

Adaptive Biotechnologies Trading Up 9.1 %

The business has a 50-day moving average price of $5.07 and a 200-day moving average price of $4.39. The firm has a market cap of $956.32 million, a P/E ratio of -4.75 and a beta of 1.45.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in ADPT. Millennium Management LLC grew its position in shares of Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after buying an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP grew its position in shares of Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after buying an additional 3,500,000 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Adaptive Biotechnologies by 50.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after buying an additional 1,319,709 shares in the last quarter. ARK Investment Management LLC lifted its stake in shares of Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after purchasing an additional 850,704 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after purchasing an additional 834,253 shares during the last quarter. Institutional investors own 99.17% of the company’s stock.

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.