Adaptive Biotechnologies (NASDAQ:ADPT) Upgraded to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies (NASDAQ:ADPT) from a neutral rating to a buy rating in a research note issued to investors on Friday, MarketBeat.com reports. They currently have $9.00 price target on the stock, up from their previous price target of $8.00.

Other equities research analysts have also recently issued research reports about the stock. BTIG Research upped their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Finally, Scotiabank boosted their target price on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Stock Performance

Shares of Adaptive Biotechnologies stock opened at $8.40 on Friday. Adaptive Biotechnologies has a 52-week low of $2.28 and a 52-week high of $8.95. The firm has a 50-day moving average of $7.74 and a 200-day moving average of $6.24. The stock has a market cap of $1.25 billion, a PE ratio of -7.71 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same quarter in the previous year, the business earned ($0.30) earnings per share. Equities research analysts predict that Adaptive Biotechnologies will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Julie Rubinstein sold 59,505 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $415,344.90. Following the completion of the transaction, the chief operating officer now owns 588,249 shares of the company’s stock, valued at $4,105,978.02. This represents a 9.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kyle Piskel sold 10,320 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total value of $72,033.60. Following the completion of the transaction, the chief financial officer now directly owns 269,010 shares of the company’s stock, valued at $1,877,689.80. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 755,903 shares of company stock valued at $6,025,342. 6.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADPT. Voya Investment Management LLC increased its stake in shares of Adaptive Biotechnologies by 6,121.7% in the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company’s stock valued at $14,560,000 after buying an additional 2,389,674 shares during the period. Soleus Capital Management L.P. increased its stake in shares of Adaptive Biotechnologies by 168.1% in the fourth quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock valued at $17,884,000 after buying an additional 1,870,393 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Adaptive Biotechnologies by 794.0% in the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company’s stock valued at $4,417,000 after buying an additional 654,309 shares during the period. Clearline Capital LP acquired a new position in shares of Adaptive Biotechnologies in the third quarter valued at approximately $3,147,000. Finally, Deutsche Bank AG increased its position in Adaptive Biotechnologies by 397.6% during the 4th quarter. Deutsche Bank AG now owns 630,577 shares of the company’s stock valued at $3,783,000 after purchasing an additional 503,842 shares during the period. 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.