Adaptive Biotechnologies (NASDAQ:ADPT) Given New $16.00 Price Target at Morgan Stanley

Adaptive Biotechnologies (NASDAQ:ADPT) had its price objective lifted by research analysts at Morgan Stanley from $11.00 to $16.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 11.58% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Wednesday, October 8th. BTIG Research raised their target price on shares of Adaptive Biotechnologies from $19.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Wall Street Zen upgraded shares of Adaptive Biotechnologies from a “hold” rating to a “buy” rating in a report on Saturday. Guggenheim began coverage on shares of Adaptive Biotechnologies in a research report on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, TD Cowen lifted their price objective on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.56.

Adaptive Biotechnologies Stock Down 2.5%

ADPT stock traded down $0.37 during midday trading on Tuesday, hitting $14.34. The company’s stock had a trading volume of 380,493 shares, compared to its average volume of 1,989,244. The firm has a 50-day simple moving average of $14.90 and a 200-day simple moving average of $12.16. The firm has a market capitalization of $2.19 billion, a P/E ratio of -17.52 and a beta of 2.09. Adaptive Biotechnologies has a 52-week low of $4.27 and a 52-week high of $17.89.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.01. The business had revenue of $93.97 million for the quarter, compared to analysts’ expectations of $58.76 million. Adaptive Biotechnologies had a negative return on equity of 60.93% and a negative net margin of 59.07%.The company’s revenue for the quarter was up 102.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.22) earnings per share. On average, sell-side analysts expect that Adaptive Biotechnologies will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Teacher Retirement System of Texas acquired a new stake in Adaptive Biotechnologies during the 1st quarter worth $708,000. Principal Financial Group Inc. grew its holdings in shares of Adaptive Biotechnologies by 98.8% during the first quarter. Principal Financial Group Inc. now owns 285,135 shares of the company’s stock worth $2,119,000 after purchasing an additional 141,691 shares during the last quarter. CWM LLC increased its position in shares of Adaptive Biotechnologies by 88.8% during the first quarter. CWM LLC now owns 18,947 shares of the company’s stock worth $141,000 after purchasing an additional 8,913 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Adaptive Biotechnologies by 9,892.2% in the 1st quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company’s stock valued at $13,108,000 after purchasing an additional 1,746,571 shares during the last quarter. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of Adaptive Biotechnologies in the 1st quarter valued at about $155,000. Institutional investors and hedge funds own 99.17% 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 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.