Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down on Disappointing Earnings

Posted by Defense World Staff on May 5th, 2023

Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $7.50, but opened at $6.75. Adaptive Biotechnologies shares last traded at $6.92, with a volume of 67,051 shares trading hands.

The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.06). The business had revenue of $37.65 million for the quarter, compared to analysts’ expectations of $36.81 million. Adaptive Biotechnologies had a negative net margin of 108.03% and a negative return on equity of 39.57%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.44) earnings per share.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley lowered their target price on shares of Adaptive Biotechnologies from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 16th. Credit Suisse Group reissued an “underperform” rating and set a $7.00 price objective on shares of Adaptive Biotechnologies in a research note on Wednesday, February 15th. One equities 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 company. According to MarketBeat.com, Adaptive Biotechnologies has an average rating of “Hold” and a consensus price target of $13.00.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, President Julie Rubinstein sold 22,668 shares of Adaptive Biotechnologies stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $8.57, for a total transaction of $194,264.76. Following the completion of the sale, the president now owns 336,824 shares of the company’s stock, valued at $2,886,581.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 5,491 shares of Adaptive Biotechnologies stock in a transaction dated Monday, March 6th. The stock was 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 of the company’s stock, valued at $1,311,767.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Julie Rubinstein sold 22,668 shares of Adaptive Biotechnologies stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $8.57, for a total value of $194,264.76. Following the completion of the transaction, the president now owns 336,824 shares in the company, valued at approximately $2,886,581.68. The disclosure for this sale can be found here. Insiders sold a total of 41,375 shares of company stock valued at $354,339 over the last 90 days. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in Adaptive Biotechnologies by 17.7% during the 1st quarter. JPMorgan Chase & Co. now owns 329,115 shares of the company’s stock valued at $4,569,000 after purchasing an additional 49,451 shares during the period. HighTower Advisors LLC purchased a new position in shares of Adaptive Biotechnologies during the 1st quarter worth approximately $160,000. Citigroup Inc. grew its holdings in shares of Adaptive Biotechnologies by 16.6% during the 1st 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 period. PNC Financial Services Group Inc. grew its holdings in shares of 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 acquiring an additional 3,380 shares during the period. Finally, Bank of Montreal Can bought a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth approximately $1,284,000. Hedge funds and other institutional investors own 90.75% of the company’s stock.

Adaptive Biotechnologies Stock Performance

The business has a 50-day moving average price of $8.19 and a 200 day moving average price of $8.34. The stock has a market capitalization of $920.95 million, a P/E ratio of -4.56 and a beta of 1.18.

About Adaptive Biotechnologies

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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.