Pier Capital LLC Trims Stock Position in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Pier Capital LLC decreased its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 0.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,274,293 shares of the company’s stock after selling 1,592 shares during the quarter. Pier Capital LLC’s holdings in Adaptive Biotechnologies were worth $7,639,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. KBC Group NV purchased a new position in Adaptive Biotechnologies during the 4th quarter worth approximately $50,000. Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies during the third quarter worth approximately $56,000. GAMMA Investing LLC acquired a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at $59,000. Cibc World Markets Corp purchased a new stake in Adaptive Biotechnologies in the 4th quarter valued at $65,000. Finally, Centiva Capital LP acquired a new stake in Adaptive Biotechnologies during the 3rd quarter worth $80,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Chad M. Robins sold 158,921 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.46, for a total value of $1,344,471.66. Following the completion of the transaction, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at $21,798,890.46. This trade represents a 5.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Francis Lo sold 20,875 shares of Adaptive Biotechnologies stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total value of $145,916.25. Following the transaction, the insider now directly owns 332,846 shares of the company’s stock, valued at approximately $2,326,593.54. This represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 755,903 shares of company stock worth $6,025,342. 6.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on ADPT. Scotiabank lifted their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. BTIG Research boosted their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group upgraded Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $8.00 to $9.00 in a research note on Friday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $9.40.

Adaptive Biotechnologies Stock Performance

ADPT stock opened at $8.66 on Tuesday. Adaptive Biotechnologies Co. has a one year low of $2.28 and a one year high of $9.01. The company has a fifty day moving average of $7.78 and a 200-day moving average of $6.27. The stock has a market capitalization of $1.29 billion, a PE ratio of -7.94 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued 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 return on equity of 64.65% and a negative net margin of 89.12%. During the same quarter in the prior year, the business posted ($0.30) earnings per share. Equities analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

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.