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

Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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 trading hands.

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

Wall Street Analyst Weigh In

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

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 13,381 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total transaction of $45,896.83. Following the completion of the transaction, the senior vice president now owns 166,287 shares in the company, valued at $570,364.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Stacy L. Taylor sold 13,381 shares of the company’s stock in a transaction dated 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 in the company, valued at $570,364.41. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kyle Piskel sold 7,727 shares of Adaptive Biotechnologies stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $3.43, for a total transaction of $26,503.61. Following the sale, the insider now owns 123,318 shares of the company’s stock, valued at approximately $422,980.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 124,307 shares of company stock worth $428,090. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds have recently made changes to their positions in the company. Rubric Capital Management LP purchased a new stake in Adaptive Biotechnologies in the fourth quarter worth about $14,027,000. ARK Investment Management LLC lifted its position 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 worth $62,752,000 after purchasing an additional 1,297,205 shares during the period. abrdn plc bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $4,576,000. Assenagon Asset Management S.A. lifted its holdings in Adaptive Biotechnologies by 1,760.6% during the third quarter. Assenagon Asset Management S.A. now owns 864,737 shares of the company’s stock worth $4,713,000 after buying an additional 818,262 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in Adaptive Biotechnologies by 32.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,603,500 shares of the company’s stock valued at $12,757,000 after purchasing an additional 632,040 shares during the last quarter. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Up 9.3 %

The business has a 50-day moving average price of $3.08 and a 200-day moving average price of $3.91. The firm has a market capitalization of $501.06 million, a price-to-earnings ratio of -2.37 and a beta of 1.27.

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 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.