Adaptive Biotechnologies Co. (NASDAQ:ADPT) Director Sells $19,875.09 in Stock

Posted by Defense World Staff on Apr 1st, 2023

Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) Director Michelle Renee Griffin sold 2,341 shares of the company’s stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $8.49, for a total value of $19,875.09. Following the completion of the transaction, the director now owns 20,627 shares of the company’s stock, valued at approximately $175,123.23. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock opened at $8.83 on Friday. Adaptive Biotechnologies Co. has a 52-week low of $5.95 and a 52-week high of $15.19. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -6.26 and a beta of 1.18. The firm has a fifty day moving average of $8.78 and a 200-day moving average of $8.21.

Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last released its quarterly earnings results on Tuesday, February 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $55.20 million during the quarter, compared to analysts’ expectations of $55.25 million. During the same period in the previous year, the business posted ($0.43) earnings per share. The firm’s revenue for the quarter was up 45.6% compared to the same quarter last year. On average, sell-side analysts predict that Adaptive Biotechnologies Co. will post -1.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Strs Ohio increased its stake in shares of Adaptive Biotechnologies by 2.8% during the 3rd quarter. Strs Ohio now owns 96,500 shares of the company’s stock worth $687,000 after purchasing an additional 2,600 shares during the last quarter. Blue Water Life Science Advisors LP increased its stake in shares of Adaptive Biotechnologies by 15.4% in the 3rd 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 last quarter. Avalon Investment & Advisory grew its position in Adaptive Biotechnologies by 43.6% in the third quarter. Avalon Investment & Advisory now owns 62,701 shares of the company’s stock valued at $446,000 after acquiring an additional 19,032 shares during the last quarter. Bouvel Investment Partners LLC increased its position in Adaptive Biotechnologies by 3.9% during the 4th quarter. Bouvel Investment Partners LLC now owns 41,192 shares of the company’s stock worth $315,000 after purchasing an additional 1,534 shares in the last quarter. Finally, ARK Investment Management LLC boosted its holdings in shares of Adaptive Biotechnologies by 6.4% during the 3rd quarter. ARK Investment Management LLC now owns 9,336,619 shares of the company’s stock valued at $66,477,000 after acquiring an additional 563,601 shares in the last quarter. Institutional investors and hedge funds own 90.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on ADPT shares. Piper Sandler upgraded 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. Scotiabank began coverage on Adaptive Biotechnologies in a research note on Wednesday, January 4th. They issued a “sector outperform” rating and a $15.00 target price for the company. Credit Suisse Group reissued an “underperform” rating and issued a $7.00 price objective on shares of Adaptive Biotechnologies in a report on Wednesday, February 15th. Finally, 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 note on Thursday, February 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus 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.