Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped down prior to trading on Monday . The stock had previously closed at $7.67, but opened at $7.27. Adaptive Biotechnologies shares last traded at $7.40, with a volume of 193,980 shares trading hands.

Wall Street Analysts Forecast Growth

ADPT has been the topic of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. BTIG Research lifted 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. Scotiabank upped their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. Finally, The Goldman Sachs Group raised Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $8.00 to $9.00 in a report on Friday, March 21st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $9.40.

Adaptive Biotechnologies Price Performance

The company has a market cap of $1.11 billion, a PE ratio of -6.85 and a beta of 1.53. The stock has a fifty day moving average price of $7.89 and a 200-day moving average price of $6.38.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) 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 last year, the firm posted ($0.30) earnings per share. On average, equities analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter M. Neupert sold 10,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $7.05, for a total value of $70,500.00. Following the transaction, the director now owns 224,690 shares in the company, valued at approximately $1,584,064.50. This represents a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Hershberg sold 53,000 shares of Adaptive Biotechnologies stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total transaction of $402,270.00. Following the completion of the sale, the director now owns 69,690 shares of the company’s stock, valued at $528,947.10. This trade represents a 43.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 757,601 shares of company stock worth $6,040,624 in the last quarter. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently bought and sold shares of the stock. KBC Group NV acquired a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at about $50,000. Townsquare Capital LLC bought a new stake in Adaptive Biotechnologies during the third quarter worth approximately $56,000. GAMMA Investing LLC acquired a new position in Adaptive Biotechnologies during the fourth quarter valued at approximately $59,000. Cibc World Markets Corp acquired a new position in Adaptive Biotechnologies during the fourth quarter valued at approximately $65,000. Finally, Centiva Capital LP bought a new position in shares of Adaptive Biotechnologies in the third quarter valued at approximately $80,000. 99.17% of the stock is currently owned by 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.