Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down on Insider Selling

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s stock price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $17.46, but opened at $16.24. Adaptive Biotechnologies shares last traded at $15.9570, with a volume of 1,116,548 shares trading hands.

Specifically, insider Harlan S. Robins sold 10,000 shares of Adaptive Biotechnologies stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $16.61, for a total value of $166,100.00. Following the transaction, the insider directly owned 1,232,312 shares of the company’s stock, valued at approximately $20,468,702.32. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Harlan S. Robins sold 27,212 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $18.61, for a total value of $506,415.32. Following the sale, the insider owned 1,242,312 shares of the company’s stock, valued at approximately $23,119,426.32. This represents a 2.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, CFO Kyle Piskel sold 162,820 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $19.50, for a total value of $3,174,990.00. Following the completion of the sale, the chief financial officer owned 216,637 shares of the company’s stock, valued at $4,224,421.50. This trade represents a 42.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADPT. Piper Sandler increased their price target on Adaptive Biotechnologies from $15.00 to $20.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Guggenheim initiated coverage on shares of Adaptive Biotechnologies in a report on Tuesday, September 30th. They set a “buy” rating and a $20.00 price objective on the stock. Morgan Stanley assumed coverage on shares of Adaptive Biotechnologies in a research report on Monday, December 1st. They issued an “equal weight” rating and a $21.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Adaptive Biotechnologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.11.

Adaptive Biotechnologies Trading Down 15.5%

The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -27.31 and a beta of 2.20. The company has a fifty day moving average price of $16.36 and a 200-day moving average price of $13.22.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.01. Adaptive Biotechnologies had a negative return on equity of 58.40% and a negative net margin of 31.50%.The company had revenue of $93.97 million during the quarter, compared to analysts’ expectations of $58.76 million. During the same period last year, the business earned ($0.22) earnings per share. Adaptive Biotechnologies’s quarterly revenue was up 102.4% on a year-over-year basis. As a group, research analysts forecast that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Large investors have recently made changes to their positions in the company. US Bancorp DE grew its position in Adaptive Biotechnologies by 12.4% during the first quarter. US Bancorp DE now owns 134,051 shares of the company’s stock valued at $996,000 after buying an additional 14,764 shares during the period. Blair William & Co. IL acquired a new position in shares of Adaptive Biotechnologies in the first quarter worth about $84,000. Vanguard Group Inc. boosted its stake in shares of Adaptive Biotechnologies by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company’s stock worth $82,796,000 after acquiring an additional 428,540 shares in the last quarter. Invesco Ltd. grew its position in shares of Adaptive Biotechnologies by 218.3% during the 1st quarter. Invesco Ltd. now owns 552,531 shares of the company’s stock valued at $4,105,000 after acquiring an additional 378,940 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at about $9,623,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.