Adaptive Biotechnologies Corporation (NASDAQ: ADPT) has received a consensus rating of “Moderate Buy” from ten analysts, according to MarketBeat.com. This rating reflects a mix of recommendations, with one analyst issuing a sell rating, one a hold rating, and eight analysts recommending a buy.
The average price target for the stock is currently set at $13.22, based on reports from brokers who updated their coverage over the past year. Notably, Piper Sandler recently increased its price target for Adaptive Biotechnologies from $13.00 to $15.00, assigning an “overweight” rating. Similarly, Guggenheim initiated coverage with a buy rating and a target price of $20.00.
As part of the research updates, Craig Hallum also provided a buy rating with a target of $15.00, while JPMorgan Chase & Co. raised its target from $10.00 to $14.00, maintaining an “overweight” rating. In contrast, Weiss Ratings reaffirmed a “sell (d-)” rating on the stock.
Earnings Report Highlights Performance
On August 5, 2023, Adaptive Biotechnologies announced its quarterly earnings, reporting earnings per share (EPS) of ($0.17), surpassing the consensus estimate of ($0.24) by $0.07. The company generated revenue of $49.94 million, exceeding expectations, and marking a 36.3% increase year-over-year. The firm recorded a negative net margin of 59.07% and a negative return on equity of 60.93%.
Looking ahead, analysts predict that the company will post an EPS of ($0.92) for the current year.
Institutional Investors Increase Holdings
In recent months, several institutional investors have adjusted their holdings in Adaptive Biotechnologies. Two Sigma Investments LP raised its stake by 251.1% in the fourth quarter, now owning 183,838 shares valued at approximately $1.1 million. Two Sigma Advisers LP also increased its shareholding by 396.2%, acquiring an additional 41,200 shares for a total of 51,600 shares worth around $309,000.
Other notable investors include Squarepoint Ops LLC, which raised its stake by 265.3%, and California State Teachers Retirement System, which boosted its holdings by a remarkable 1,060.5%. Collectively, institutional investors hold 99.17% of the company’s stock.
Adaptive Biotechnologies Corporation specializes in developing an immune medicine platform aimed at diagnosing and treating various diseases. The company utilizes an immunosequencing platform that combines proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data, effectively decoding the adaptive immune system.
