Morgan Stanley Forecasts Strong Price Appreciation for Adaptive Biotechnologies (NASDAQ:ADPT) Stock

Adaptive Biotechnologies (NASDAQ:ADPT) had its price target increased by Morgan Stanley from $7.00 to $9.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 2.16% from the company’s current price.

Other analysts have also recently issued reports about the company. Scotiabank boosted their price objective on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. The Goldman Sachs Group increased their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Finally, 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 note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.83.

Adaptive Biotechnologies Stock Performance

NASDAQ ADPT opened at $8.81 on Monday. Adaptive Biotechnologies has a one year low of $2.99 and a one year high of $10.28. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -8.08 and a beta of 1.75. The company’s 50-day simple moving average is $7.79 and its two-hundred day simple moving average is $6.95.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. The company had revenue of $52.44 million during the quarter, compared to analyst estimates of $42.13 million. During the same quarter last year, the business posted ($0.33) EPS. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. Equities analysts expect that Adaptive Biotechnologies will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $7.05, for a total value of $70,500.00. Following the completion of the transaction, the director now owns 224,690 shares in the company, valued at approximately $1,584,064.50. The trade was a 4.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Hershberg sold 53,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total value of $402,270.00. Following the completion of the sale, the director now owns 69,690 shares in the company, valued at approximately $528,947.10. The trade was a 43.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 826,013 shares of company stock valued at $6,543,452. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently bought and sold shares of the stock. KBC Group NV acquired a new stake in Adaptive Biotechnologies in the fourth quarter valued at approximately $50,000. GAMMA Investing LLC acquired a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at $59,000. Cibc World Markets Corp purchased a new stake in shares of Adaptive Biotechnologies during the 4th quarter worth $65,000. Bridgefront Capital LLC acquired a new position in shares of Adaptive Biotechnologies during the fourth quarter worth $80,000. Finally, Personal CFO Solutions LLC purchased a new position in Adaptive Biotechnologies in the first quarter valued at $84,000. 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.