Renaissance Technologies LLC Increases Stock Position in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Renaissance Technologies LLC increased its stake in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 35.6% in the 4th quarter, Holdings Channel reports. The firm owned 229,785 shares of the company’s stock after buying an additional 60,385 shares during the period. Renaissance Technologies LLC’s holdings in Adaptive Biotechnologies were worth $1,378,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV bought a new stake in Adaptive Biotechnologies in the 4th quarter worth approximately $50,000. GAMMA Investing LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter worth $59,000. Cibc World Markets Corp bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth $65,000. Proficio Capital Partners LLC purchased a new stake in Adaptive Biotechnologies during the fourth quarter valued at $93,000. Finally, Amundi lifted its holdings in Adaptive Biotechnologies by 41.2% in the fourth quarter. Amundi now owns 15,532 shares of the company’s stock valued at $93,000 after acquiring an additional 4,531 shares during the period. Institutional investors own 99.17% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ADPT. Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Scotiabank upped their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. Finally, The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $8.00 to $9.00 in a research note on Friday, March 21st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of “Buy” and an average target price of $9.40.

Insider Activity

In related news, CEO Chad M. Robins sold 211,160 shares of Adaptive Biotechnologies stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the sale, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at approximately $21,901,958.50. This trade represents a 7.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Francis Lo sold 20,875 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total value of $145,916.25. Following the completion of the transaction, the insider now owns 332,846 shares of the company’s stock, valued at $2,326,593.54. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 757,601 shares of company stock worth $6,040,624 over the last ninety days. Corporate insiders own 6.20% of the company’s stock.

Adaptive Biotechnologies Trading Down 1.6 %

NASDAQ ADPT opened at $7.77 on Tuesday. Adaptive Biotechnologies Co. has a 12 month low of $2.56 and a 12 month high of $9.01. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -7.13 and a beta of 1.73. The company’s 50 day moving average is $7.80 and its two-hundred day moving average is $6.81.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating 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 prior year, the business posted ($0.30) EPS. Sell-side analysts forecast that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Adaptive Biotechnologies 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.