Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 7.4%

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) dropped 7.4% on Tuesday . The stock traded as low as $4.09 and last traded at $4.11. Approximately 247,621 shares changed hands during trading, a decline of 79% from the average daily volume of 1,161,774 shares. The stock had previously closed at $4.44.

Wall Street Analyst Weigh In

ADPT has been the subject of several recent research reports. Piper Sandler reduced their price target on Adaptive Biotechnologies from $13.00 to $6.00 and set an “overweight” rating for the company in a research report on Monday, November 13th. Morgan Stanley cut their price objective on Adaptive Biotechnologies from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 24th. Finally, William Blair restated an “outperform” rating on shares of Adaptive Biotechnologies in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.50.

Adaptive Biotechnologies Stock Down 4.5 %

The firm has a market capitalization of $613.84 million, a PE ratio of -3.07 and a beta of 1.28. The stock has a 50-day moving average price of $4.79 and a 200 day moving average price of $6.22.

Institutional Trading of Adaptive Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in shares of Adaptive Biotechnologies by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 329,115 shares of the company’s stock worth $4,569,000 after acquiring an additional 49,451 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Adaptive Biotechnologies in the first quarter worth approximately $160,000. Citigroup Inc. boosted its stake in shares of Adaptive Biotechnologies by 16.6% in the first quarter. Citigroup Inc. now owns 28,375 shares of the company’s stock worth $394,000 after acquiring an additional 4,047 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Adaptive Biotechnologies by 176.7% in the first quarter. PNC Financial Services Group Inc. now owns 5,293 shares of the company’s stock worth $73,000 after acquiring an additional 3,380 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Adaptive Biotechnologies in the first quarter worth approximately $1,284,000. 94.31% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

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.