BTIG Research Forecasts Strong Price Appreciation for Adaptive Biotechnologies (NASDAQ:ADPT) Stock

Adaptive Biotechnologies (NASDAQ:ADPT) had its price objective lifted by stock analysts at BTIG Research from $25.00 to $34.00 in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective points to a potential upside of 21.91% from the company’s previous close.

Several other equities research analysts have also issued reports on ADPT. Piper Sandler lifted their target price on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Guggenheim raised their price target on Adaptive Biotechnologies from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Friday, July 17th. Morgan Stanley boosted their target price on Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Finally, TD Cowen increased their price target on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.07.

Adaptive Biotechnologies Price Performance

Shares of NASDAQ:ADPT opened at $27.89 on Tuesday. The company’s 50-day moving average is $24.73 and its 200 day moving average is $18.91. Adaptive Biotechnologies has a fifty-two week low of $12.00 and a fifty-two week high of $28.78. The company has a market capitalization of $4.45 billion, a P/E ratio of -68.02 and a beta of 2.09. The company has a debt-to-equity ratio of 2.22, a quick ratio of 4.68 and a current ratio of 4.79.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%.The firm had revenue of $71.55 million for the quarter, compared to analysts’ expectations of $65.44 million. During the same quarter last year, the company posted ($0.17) EPS. The firm’s revenue was up 21.5% on a year-over-year basis. On average, equities research analysts forecast that Adaptive Biotechnologies will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, insider Harlan Robins sold 492,400 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $21.89, for a total transaction of $10,778,636.00. Following the sale, the insider directly owned 812,058 shares in the company, valued at approximately $17,775,949.62. This trade represents a 37.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Chad Robins sold 321,324 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $25.08, for a total value of $8,058,805.92. Following the sale, the chief executive officer directly owned 2,180,518 shares in the company, valued at $54,687,391.44. This trade represents a 12.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,017,025 shares of company stock worth $47,093,615 in the last three months. Corporate insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new stake in Adaptive Biotechnologies during the fourth quarter valued at approximately $28,000. Nykredit A S purchased a new stake in Adaptive Biotechnologies in the 2nd quarter worth $31,000. Allworth Financial LP purchased a new stake in shares of Adaptive Biotechnologies during the second quarter worth about $35,000. EverSource Wealth Advisors LLC grew its holdings in Adaptive Biotechnologies by 197.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,359 shares of the company’s stock valued at $38,000 after buying an additional 1,565 shares in the last quarter. Finally, KBC Group NV bought a new stake in Adaptive Biotechnologies in the 1st quarter valued at $45,000. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.