Putnam Investments LLC Sells 3,828 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Putnam Investments LLC cut its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 209,954 shares of the company’s stock after selling 3,828 shares during the period. Putnam Investments LLC’s holdings in Adaptive Biotechnologies were worth $1,494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Adaptive Biotechnologies by 0.5% during the first quarter. Vanguard Group Inc. now owns 11,090,834 shares of the company’s stock valued at $153,941,000 after buying an additional 59,546 shares during the last quarter. BlackRock Inc. boosted its stake in Adaptive Biotechnologies by 12.2% during the third quarter. BlackRock Inc. now owns 10,119,409 shares of the company’s stock valued at $72,051,000 after buying an additional 1,098,301 shares during the last quarter. ARK Investment Management LLC boosted its stake in Adaptive Biotechnologies by 6.4% during the third quarter. ARK Investment Management LLC now owns 9,336,619 shares of the company’s stock valued at $66,477,000 after buying an additional 563,601 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Adaptive Biotechnologies by 4.8% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,838,191 shares of the company’s stock valued at $34,448,000 after buying an additional 219,792 shares during the last quarter. Finally, Blue Water Life Science Advisors LP raised its position in Adaptive Biotechnologies by 15.4% during the third quarter. Blue Water Life Science Advisors LP now owns 3,600,434 shares of the company’s stock valued at $25,635,000 after purchasing an additional 480,000 shares during the period. 90.75% of the stock is owned by institutional investors.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT opened at $8.30 on Tuesday. The business’s 50 day moving average price is $9.00 and its 200-day moving average price is $8.27. Adaptive Biotechnologies Co. has a fifty-two week low of $5.95 and a fifty-two week high of $15.19. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -5.89 and a beta of 1.18.

Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last issued its quarterly earnings results on Tuesday, February 14th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.09. Adaptive Biotechnologies had a negative return on equity of 39.57% and a negative net margin of 108.03%. The firm had revenue of $55.20 million for the quarter, compared to the consensus estimate of $55.25 million. During the same period in the prior year, the business posted ($0.43) earnings per share. The company’s revenue for the quarter was up 45.6% on a year-over-year basis. Sell-side analysts predict that Adaptive Biotechnologies Co. will post -1.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ADPT shares. Piper Sandler upgraded Adaptive Biotechnologies from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $7.50 to $14.00 in a research report on Wednesday, December 21st. Credit Suisse Group restated an “underperform” rating and set a $7.00 price objective on shares of Adaptive Biotechnologies in a research report on Wednesday, February 15th. Scotiabank started coverage on Adaptive Biotechnologies in a research report on Wednesday, January 4th. They set a “sector outperform” rating and a $15.00 price objective on the stock. Finally, Morgan Stanley decreased their price objective on Adaptive Biotechnologies from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Adaptive Biotechnologies currently has a consensus rating of “Hold” and an average target price of $13.00.

Insider Buying and Selling

In related news, COO R Mark Adams sold 6,529 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $8.57, for a total value of $55,953.53. Following the transaction, the chief operating officer now owns 195,641 shares of the company’s stock, valued at $1,676,643.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 5,491 shares of the stock in a transaction on Monday, March 6th. The stock was sold at an average price of $8.57, for a total transaction of $47,057.87. Following the sale, the senior vice president now owns 153,065 shares of the company’s stock, valued at approximately $1,311,767.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO R Mark Adams sold 6,529 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $8.57, for a total value of $55,953.53. Following the sale, the chief operating officer now directly owns 195,641 shares in the company, valued at approximately $1,676,643.37. The disclosure for this sale can be found here. Insiders have sold a total of 39,212 shares of company stock valued at $335,977 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Adaptive Biotechnologies Profile

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Adaptive Biotechnologies Corp. engages in the development of an immune medicine platform. Its products and services include immunoSEQ, clonoSEQ, cellular therapy, and vaccines. The company was founded by Chad Robins, Harlan Robins, and Chris Carlson on September 8, 2009 and is headquartered in Seattle, WA.