Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Up 24.9% in December

Adaptive Biotechnologies Co. (NASDAQ:ADPTGet Rating) was the recipient of a large growth in short interest in the month of December. As of December 30th, there was short interest totalling 5,910,000 shares, a growth of 24.9% from the December 15th total of 4,730,000 shares. Based on an average trading volume of 1,020,000 shares, the short-interest ratio is currently 5.8 days. Approximately 4.2% of the shares of the company are sold short.

Insider Activity at Adaptive Biotechnologies

In related news, insider Nitin Sood sold 31,066 shares of the business’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $8.00, for a total value of $248,528.00. Following the transaction, the insider now owns 114,505 shares in the company, valued at approximately $916,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 33,020 shares of company stock worth $265,492 in the last quarter. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Bouvel Investment Partners LLC raised its holdings in Adaptive Biotechnologies by 3.9% in the 4th quarter. Bouvel Investment Partners LLC now owns 41,192 shares of the company’s stock valued at $315,000 after acquiring an additional 1,534 shares during the last quarter. Calton & Associates Inc. raised its holdings in Adaptive Biotechnologies by 37.1% in the 4th quarter. Calton & Associates Inc. now owns 14,285 shares of the company’s stock valued at $109,000 after acquiring an additional 3,863 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Adaptive Biotechnologies by 5.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 398,331 shares of the company’s stock valued at $2,836,000 after acquiring an additional 18,897 shares during the last quarter. Captrust Financial Advisors raised its holdings in Adaptive Biotechnologies by 966.4% in the 3rd quarter. Captrust Financial Advisors now owns 12,317 shares of the company’s stock valued at $88,000 after acquiring an additional 11,162 shares during the last quarter. Finally, BNP Paribas Arbitrage SNC raised its holdings in Adaptive Biotechnologies by 121.4% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 84,063 shares of the company’s stock valued at $599,000 after acquiring an additional 46,095 shares during the last quarter. 90.75% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Stock Performance

ADPT stock opened at $9.20 on Friday. Adaptive Biotechnologies has a 1 year low of $5.95 and a 1 year high of $18.02. The stock’s 50 day moving average price is $8.38 and its 200 day moving average price is $8.64. The firm has a market cap of $1.32 billion, a P/E ratio of -5.90 and a beta of 1.11.

Adaptive Biotechnologies (NASDAQ:ADPTGet Rating) last posted its earnings results on Thursday, November 3rd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.05. Adaptive Biotechnologies had a negative return on equity of 40.95% and a negative net margin of 131.81%. The firm had revenue of $47.80 million for the quarter, compared to analyst estimates of $48.41 million. During the same quarter in the prior year, the company earned ($0.40) EPS. Adaptive Biotechnologies’s revenue was up 21.0% on a year-over-year basis. On average, research analysts predict that Adaptive Biotechnologies will post -1.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ADPT. Morgan Stanley lowered their price objective on Adaptive Biotechnologies from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, November 7th. Scotiabank assumed coverage on Adaptive Biotechnologies in a report on Wednesday, January 4th. They issued a “sector outperform” rating and a $15.00 price objective on the stock. Finally, Piper Sandler raised Adaptive Biotechnologies from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $7.50 to $14.00 in a research note on Wednesday, December 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.25.

About Adaptive Biotechnologies

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Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection.

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