Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 9.8% – Here’s Why

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) rose 9.8% on Wednesday . The company traded as high as $8.11 and last traded at $8.10. 1,182,088 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 1,462,168 shares. The stock had previously closed at $7.37.

Wall Street Analyst Weigh In

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

Adaptive Biotechnologies Stock Performance

The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -6.00 and a beta of 1.49. The business has a fifty day simple moving average of $6.71 and a 200-day simple moving average of $5.45.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. JTC Employer Solutions Trustee Ltd bought a new position in Adaptive Biotechnologies during the 3rd quarter worth approximately $26,000. Ashton Thomas Securities LLC bought a new stake in Adaptive Biotechnologies during the third quarter valued at $34,000. B. Riley Wealth Advisors Inc. acquired a new stake in Adaptive Biotechnologies during the 2nd quarter worth about $49,000. KBC Group NV bought a new position in shares of Adaptive Biotechnologies in the 4th quarter worth about $50,000. Finally, Townsquare Capital LLC acquired a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at about $56,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.