Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Update

Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) saw a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 4,870,000 shares, a growth of 9.4% from the February 13th total of 4,450,000 shares. Approximately 3.5% of the company’s stock are sold short. Based on an average trading volume of 1,000,000 shares, the days-to-cover ratio is currently 4.9 days.

Adaptive Biotechnologies Trading Down 1.9 %

NASDAQ:ADPT opened at $8.14 on Wednesday. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -5.77 and a beta of 1.18. Adaptive Biotechnologies has a 12-month low of $5.95 and a 12-month high of $15.19. The company’s 50-day moving average is $9.01 and its two-hundred day moving average is $8.26.

Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last posted its quarterly earnings results on Tuesday, February 14th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.09. Adaptive Biotechnologies had a negative net margin of 108.03% and a negative return on equity of 39.57%. The firm had revenue of $55.20 million for the quarter, compared to analyst estimates of $55.25 million. During the same quarter last year, the firm posted ($0.43) earnings per share. Adaptive Biotechnologies’s revenue for the quarter was up 45.6% compared to the same quarter last year. On average, equities research analysts forecast that Adaptive Biotechnologies will post -1.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Stacy L. Taylor sold 5,491 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $8.57, for a total value of $47,057.87. Following the completion of the transaction, the senior vice president now owns 153,065 shares in the company, valued at $1,311,767.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Stacy L. Taylor sold 5,491 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $8.57, for a total transaction of $47,057.87. Following the completion of the sale, the senior vice president now owns 153,065 shares in the company, 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 link. Also, COO R Mark Adams sold 6,529 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $8.57, for a total transaction of $55,953.53. Following the sale, the chief operating officer now owns 195,641 shares of the company’s stock, valued at approximately $1,676,643.37. The disclosure for this sale can be found here. Insiders sold 39,212 shares of company stock worth $335,977 over the last 90 days. 4.20% of the stock is owned by insiders.

Institutional Trading of Adaptive Biotechnologies

A number of hedge funds have recently made changes to their positions in ADPT. Point72 Middle East FZE acquired a new position in Adaptive Biotechnologies in the fourth quarter worth $26,000. Meeder Asset Management Inc. lifted its holdings in Adaptive Biotechnologies by 407.8% in the 4th quarter. Meeder Asset Management Inc. now owns 5,632 shares of the company’s stock valued at $43,000 after acquiring an additional 4,523 shares during the last quarter. Manchester Capital Management LLC lifted its holdings in Adaptive Biotechnologies by 151.5% in the 3rd quarter. Manchester Capital Management LLC now owns 7,795 shares of the company’s stock valued at $56,000 after acquiring an additional 4,695 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Adaptive Biotechnologies in the 3rd quarter valued at about $61,000. Finally, PNC Financial Services Group Inc. raised its holdings in Adaptive Biotechnologies by 176.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,293 shares of the company’s stock worth $73,000 after buying an additional 3,380 shares during the period. Institutional investors and hedge funds own 90.75% of the company’s stock.

Analysts Set New Price Targets

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

Adaptive Biotechnologies Company 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.