Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up Following Strong Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $3.11, but opened at $3.36. Adaptive Biotechnologies shares last traded at $3.51, with a volume of 865,157 shares changing hands.

The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.02. Adaptive Biotechnologies had a negative net margin of 132.29% and a negative return on equity of 53.65%. The company had revenue of $41.87 million during the quarter, compared to the consensus estimate of $38.78 million. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. The firm’s quarterly revenue was up 11.2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Adaptive Biotechnologies from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Thursday, February 15th. The Goldman Sachs Group decreased their price target on shares of Adaptive Biotechnologies from $11.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, BTIG Research cut their price objective on shares of Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adaptive Biotechnologies has a consensus rating of “Moderate Buy” and an average price target of $6.80.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 48,673 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $3.43, for a total transaction of $166,948.39. Following the sale, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at $8,838,084.43. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Stacy L. Taylor sold 13,381 shares of Adaptive Biotechnologies stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $3.43, for a total value of $45,896.83. Following the transaction, the senior vice president now directly owns 166,287 shares of the company’s stock, valued at approximately $570,364.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Chad M. Robins sold 48,673 shares of Adaptive Biotechnologies stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $3.43, for a total transaction of $166,948.39. Following the completion of the transaction, the chief executive officer now directly owns 2,576,701 shares in the company, valued at $8,838,084.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,307 shares of company stock valued at $428,090. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of institutional investors have recently modified their holdings of the business. ARK Investment Management LLC increased its holdings in shares of Adaptive Biotechnologies by 11.3% in the 4th quarter. ARK Investment Management LLC now owns 12,806,513 shares of the company’s stock valued at $62,752,000 after acquiring an additional 1,297,205 shares during the period. Vanguard Group Inc. increased its stake in Adaptive Biotechnologies by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,249,042 shares of the company’s stock valued at $66,757,000 after buying an additional 196,555 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Adaptive Biotechnologies by 2.9% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,570,939 shares of the company’s stock valued at $35,812,000 after buying an additional 186,892 shares during the period. Rubric Capital Management LP acquired a new position in Adaptive Biotechnologies in the 4th quarter valued at $14,027,000. Finally, Massachusetts Financial Services Co. MA increased its stake in Adaptive Biotechnologies by 32.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,603,500 shares of the company’s stock valued at $12,757,000 after buying an additional 632,040 shares during the period. 99.17% of the stock is owned by institutional investors and hedge funds.

Adaptive Biotechnologies Trading Up 2.3 %

The company has a market capitalization of $468.64 million, a price-to-earnings ratio of -2.04 and a beta of 1.27. The firm’s 50 day simple moving average is $3.06 and its 200-day simple moving average is $3.90.

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 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.