BTIG Research Issues Positive Forecast for Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price

Adaptive Biotechnologies (NASDAQ:ADPT) had its target price hoisted by equities researchers at BTIG Research from $8.00 to $9.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price suggests a potential upside of 40.41% from the stock’s current price.

Separately, Piper Sandler boosted their price objective on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Adaptive Biotechnologies Price Performance

Shares of ADPT traded down $0.11 during trading hours on Wednesday, hitting $6.41. The stock had a trading volume of 237,265 shares, compared to its average volume of 1,406,958. The firm has a 50 day simple moving average of $5.40 and a 200-day simple moving average of $4.61. The firm has a market capitalization of $945.98 million, a P/E ratio of -4.78 and a beta of 1.49. Adaptive Biotechnologies has a 1-year low of $2.28 and a 1-year high of $7.07.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADPT. Millennium Management LLC increased its stake in shares of Adaptive Biotechnologies by 1,008.3% in the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after acquiring an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP increased its position in Adaptive Biotechnologies by 33.3% during the second quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after purchasing an additional 3,500,000 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Adaptive Biotechnologies by 50.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after purchasing an additional 1,319,709 shares during the period. ARK Investment Management LLC raised its position in shares of Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after buying an additional 850,704 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position 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 acquiring an additional 834,253 shares during the period. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.