Adaptive Biotechnologies (NASDAQ:ADPT) Shares Down 4.6% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price was down 4.6% during mid-day trading on Tuesday . The company traded as low as $7.34 and last traded at $7.35. Approximately 466,205 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,446,631 shares. The stock had previously closed at $7.70.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADPT. Piper Sandler lifted their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. BTIG Research increased their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th.

Adaptive Biotechnologies Stock Down 4.3 %

The business has a 50 day simple moving average of $6.68 and a 200-day simple moving average of $5.43. The company has a market capitalization of $1.09 billion, a P/E ratio of -5.50 and a beta of 1.49.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP raised its stake in Adaptive Biotechnologies by 2.9% during the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after acquiring an additional 400,000 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of Adaptive Biotechnologies by 1.7% during the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock valued at $59,398,000 after purchasing an additional 189,134 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Adaptive Biotechnologies by 12.1% in the third 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 period. State Street Corp grew its position in Adaptive Biotechnologies by 2.0% in the 3rd quarter. State Street Corp now owns 2,551,785 shares of the company’s stock valued at $13,065,000 after buying an additional 48,885 shares in the last quarter. Finally, Pier Capital LLC increased its stake in Adaptive Biotechnologies by 20.9% during the 3rd quarter. Pier Capital LLC now owns 1,275,885 shares of the company’s stock valued at $6,533,000 after buying an additional 220,586 shares during the period. 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.