Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up Following Better-Than-Expected Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $5.63, but opened at $6.00. Adaptive Biotechnologies shares last traded at $5.79, with a volume of 232,141 shares traded.

The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.08. The firm had revenue of $46.44 million for the quarter, compared to analysts’ expectations of $40.59 million. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%.

Analysts Set New Price Targets

Several research analysts have commented on ADPT shares. BTIG Research raised their price objective on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their price objective 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adaptive Biotechnologies has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADPT. Millennium Management LLC lifted its position in shares of 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 acquiring an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP lifted its holdings in Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock valued at $50,680,000 after purchasing an additional 3,500,000 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Adaptive Biotechnologies by 50.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after purchasing an additional 1,319,709 shares during the last quarter. ARK Investment Management LLC grew its holdings in shares of Adaptive Biotechnologies by 8.1% during the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after buying an additional 850,704 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Adaptive Biotechnologies by 12.1% in 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 buying an additional 834,253 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Price Performance

The stock has a market capitalization of $865.65 million, a PE ratio of -3.83 and a beta of 1.45. The company’s 50 day moving average price is $4.79 and its two-hundred day moving average price is $4.11.

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.