Insider Selling: Adaptive Biotechnologies Co. (NASDAQ:ADPT) CEO Sells 117,351 Shares of Stock

Adaptive Biotechnologies Co. (NASDAQ:ADPT) CEO Chad M. Robins sold 117,351 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $819,109.98. Following the completion of the transaction, the chief executive officer now directly owns 2,814,350 shares of the company’s stock, valued at approximately $19,644,163. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adaptive Biotechnologies Stock Down 5.4 %

Shares of NASDAQ ADPT opened at $7.35 on Friday. The firm’s 50-day moving average price is $7.55 and its two-hundred day moving average price is $6.02. Adaptive Biotechnologies Co. has a 52-week low of $2.28 and a 52-week high of $8.95. The stock has a market capitalization of $1.08 billion, a P/E ratio of -6.74 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 net margin of 89.12% and a negative return on equity of 64.65%. During the same period in the previous year, the company earned ($0.30) EPS. As a group, equities research analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of large investors have recently bought and sold shares of ADPT. Voya Investment Management LLC lifted its holdings in Adaptive Biotechnologies by 6,121.7% in the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock worth $14,560,000 after acquiring an additional 2,389,674 shares during the last quarter. Soleus Capital Management L.P. increased its stake in shares of Adaptive Biotechnologies by 168.1% in the fourth quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock valued at $17,884,000 after purchasing an additional 1,870,393 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of 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 valued at $39,597,000 after purchasing an additional 834,253 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Adaptive Biotechnologies by 794.0% in the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company’s stock valued at $4,417,000 after purchasing an additional 654,309 shares during the period. Finally, Clearline Capital LP acquired a new stake in shares of Adaptive Biotechnologies in the third quarter valued at approximately $3,147,000. Institutional investors own 99.17% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADPT. The Goldman Sachs Group increased their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. BTIG Research increased their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Finally, Scotiabank increased their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.10.

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.