Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 3% – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares dropped 3% during trading on Wednesday . The stock traded as low as $4.80 and last traded at $4.82. Approximately 71,451 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 1,442,063 shares. The stock had previously closed at $4.97.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ADPT shares. BTIG Research boosted their price target on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. raised their target price on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Adaptive Biotechnologies Stock Down 2.4 %

The business has a 50-day simple moving average of $4.67 and a two-hundred day simple moving average of $3.87. The company has a market cap of $714.73 million, a price-to-earnings ratio of -3.34 and a beta of 1.44.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.02. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The company had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. During the same period in the previous year, the business posted ($0.33) EPS. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. As a group, equities analysts anticipate that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current year.

Institutional Trading of Adaptive Biotechnologies

Several institutional investors have recently modified their holdings of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Adaptive Biotechnologies by 29.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,576 shares of the company’s stock valued at $131,000 after acquiring an additional 5,826 shares during the period. Vontobel Holding Ltd. raised its position in Adaptive Biotechnologies by 30.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 17,000 shares of the company’s stock valued at $87,000 after purchasing an additional 4,000 shares during the last quarter. Essex Investment Management Co. LLC lifted its position in Adaptive Biotechnologies by 15.2% during the 3rd quarter. Essex Investment Management Co. LLC now owns 718,656 shares of the company’s stock worth $3,680,000 after buying an additional 94,831 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Adaptive Biotechnologies by 89.9% during the third quarter. SG Americas Securities LLC now owns 41,145 shares of the company’s stock worth $211,000 after purchasing an additional 19,478 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of Adaptive Biotechnologies during the second quarter worth $49,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.