Short Interest in Adaptive Biotechnologies Co. (NASDAQ:ADPT) Decreases By 5.5%

Adaptive Biotechnologies Co. (NASDAQ:ADPT) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 8,960,000 shares, a decrease of 5.5% from the October 15th total of 9,480,000 shares. Based on an average daily volume of 1,050,000 shares, the days-to-cover ratio is presently 8.5 days.

Adaptive Biotechnologies Trading Down 4.3 %

Adaptive Biotechnologies stock opened at $4.48 on Wednesday. Adaptive Biotechnologies has a 1-year low of $2.28 and a 1-year high of $6.70. The firm has a market capitalization of $661.16 million, a PE ratio of -3.34 and a beta of 1.45. The firm’s 50 day simple moving average is $4.96 and its 200 day simple moving average is $4.29.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADPT. Piper Sandler lifted their target price on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. boosted their target price on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, BTIG Research raised their price target on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd.

Institutional Investors Weigh In On Adaptive Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP increased its stake in Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock worth $73,728,000 after acquiring an additional 400,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Adaptive Biotechnologies by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock worth $41,312,000 after purchasing an additional 102,134 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Adaptive Biotechnologies by 1.7% in the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock worth $59,398,000 after purchasing an additional 189,134 shares during the last quarter. Millennium Management LLC raised its stake in Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after purchasing an additional 8,426,580 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after purchasing an additional 834,253 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Company Profile

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.