Adaptive Biotechnologies Co. (NASDAQ:ADPT – Get Rating) shares gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $8.25, but opened at $8.02. Adaptive Biotechnologies shares last traded at $7.93, with a volume of 117,165 shares trading hands.
Specifically, CFO Tycho Peterson sold 70,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $8.53, for a total value of $597,100.00. Following the completion of the transaction, the chief financial officer now directly owns 399,219 shares of the company’s stock, valued at approximately $3,405,338.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 246,119 shares of company stock valued at $1,994,582. Company insiders own 5.20% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Piper Sandler increased their target price on shares of Adaptive Biotechnologies from $14.00 to $15.00 in a research note on Monday, May 8th.
Adaptive Biotechnologies Stock Performance
Adaptive Biotechnologies (NASDAQ:ADPT – Get Rating) last posted its quarterly earnings data on Wednesday, May 3rd. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.06). The company 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 105.87% and a negative return on equity of 41.21%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.44) EPS. On average, equities research analysts forecast that Adaptive Biotechnologies Co. will post -1.2 earnings per share for the current fiscal year.
Institutional Trading of Adaptive Biotechnologies
Several institutional investors and hedge funds have recently made changes to their positions in ADPT. JPMorgan Chase & Co. raised its position in Adaptive Biotechnologies by 17.7% in the 1st quarter. JPMorgan Chase & Co. now owns 329,115 shares of the company’s stock worth $4,569,000 after purchasing an additional 49,451 shares during the period. HighTower Advisors LLC bought a new stake in Adaptive Biotechnologies in the 1st quarter worth $160,000. Citigroup Inc. grew its holdings in Adaptive Biotechnologies by 16.6% in 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 last quarter. PNC Financial Services Group Inc. grew its holdings in Adaptive Biotechnologies by 176.7% in 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 last quarter. Finally, Bank of Montreal Can bought a new stake in Adaptive Biotechnologies in the 1st quarter worth $1,284,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.
About Adaptive Biotechnologies
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.
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