Key Points
- Insider sale: Director Francis Lo sold 113,890 shares on December 15 at an average of $15.57 for proceeds of about $1.77 million, cutting his stake by 26.49% to 315,978 shares valued near $4.92 million.
- Quarterly results beat: Adaptive reported revenue of $93.97 million (up 102.4% year-over-year) and EPS of ($0.15), slightly beating estimates, prompting several firms to raise price targets and upgrade ratings.
- Stock profile and volatility: ADPT has a market cap of $2.58 billion, a negative P/E, 50/200-day moving averages of $16.52/$13.57, and a one-year range of $5.80 to $20.76, reflecting high volatility.
Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) insider Francis Lo sold 113,890 shares of the firm's stock in a transaction on Monday, December 15th. The stock was sold at an average price of $15.57, for a total transaction of $1,773,267.30. Following the completion of the transaction, the insider directly owned 315,978 shares of the company's stock, valued at approximately $4,919,777.46. This represents a 26.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Adaptive Biotechnologies Price Performance
NASDAQ ADPT opened at $16.88 on Thursday. The company has a market cap of $2.58 billion, a price-to-earnings ratio of -30.92 and a beta of 2.20. The stock's fifty day moving average price is $16.52 and its 200 day moving average price is $13.57. Adaptive Biotechnologies Corporation has a 1 year low of $5.80 and a 1 year high of $20.76.
Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.01. Adaptive Biotechnologies had a negative return on equity of 58.40% and a negative net margin of 31.50%.The business had revenue of $93.97 million for the quarter, compared to the consensus estimate of $58.76 million. During the same quarter in the previous year, the business earned ($0.22) EPS. The company's quarterly revenue was up 102.4% compared to the same quarter last year. Research analysts expect that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on ADPT. Piper Sandler upped their target price on Adaptive Biotechnologies from $15.00 to $20.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 15th. Wall Street Zen upgraded shares of Adaptive Biotechnologies from a "hold" rating to a "buy" rating in a research note on Saturday, November 8th. JPMorgan Chase & Co. raised their price target on shares of Adaptive Biotechnologies from $17.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, November 6th. Morgan Stanley began coverage on shares of Adaptive Biotechnologies in a research report on Monday, December 1st. They issued an "equal weight" rating and a $21.00 price objective for the company. Finally, BTIG Research increased their price target on Adaptive Biotechnologies from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, November 6th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $17.11.
Read Our Latest Stock Report on ADPT
Institutional Trading of Adaptive Biotechnologies
Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Bancorp USA Inc. acquired a new stake in Adaptive Biotechnologies during the 3rd quarter worth $238,000. Harvest Investment Services LLC grew its stake in Adaptive Biotechnologies by 104.7% during the 3rd quarter. Harvest Investment Services LLC now owns 344,512 shares of the company's stock valued at $5,154,000 after acquiring an additional 176,235 shares in the last quarter. Oberweis Asset Management Inc. lifted its stake in Adaptive Biotechnologies by 23.3% in the 3rd quarter. Oberweis Asset Management Inc. now owns 726,500 shares of the company's stock worth $10,868,000 after purchasing an additional 137,100 shares in the last quarter. Castleark Management LLC acquired a new position in shares of Adaptive Biotechnologies during the 3rd quarter worth approximately $4,459,000. Finally, CANADA LIFE ASSURANCE Co lifted its position in Adaptive Biotechnologies by 17.6% in the third quarter. CANADA LIFE ASSURANCE Co now owns 30,469 shares of the company's stock valued at $456,000 after buying an additional 4,552 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company's stock.
About Adaptive Biotechnologies
(
Get Free Report)
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.
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