Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 7.3% – What’s Next?

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) rose 7.3% during trading on Thursday . The company traded as high as $6.45 and last traded at $6.44. Approximately 102,666 shares traded hands during trading, a decline of 93% from the average daily volume of 1,394,303 shares. The stock had previously closed at $6.00.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. BTIG Research raised their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Piper Sandler upped their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Adaptive Biotechnologies Stock Performance

The stock has a 50-day moving average of $5.73 and a two-hundred day moving average of $4.83. The company has a market cap of $934.18 million, a P/E ratio of -4.72 and a beta of 1.49.

Institutional Trading of Adaptive Biotechnologies

Several large investors have recently modified their holdings of the business. Millennium Management LLC increased its position in Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock valued at $33,530,000 after buying an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP lifted its position in Adaptive Biotechnologies by 33.3% during the second 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 raised 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 acquiring an additional 1,319,709 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Adaptive Biotechnologies by 12.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after purchasing an additional 834,253 shares in the last quarter. Finally, Clearline Capital LP bought a new position in shares of Adaptive Biotechnologies during the third quarter worth $3,147,000. 99.17% of the stock is owned by institutional investors.

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.