Pier Capital LLC Increases Holdings in Adaptive Biotechnologies Co.

Pier Capital LLC has recently increased its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 20.9% during the third quarter, as noted in their latest report submitted to the Securities and Exchange Commission. Following this acquisition, the firm now possesses 1,275,885 shares of Adaptive Biotechnologies, having purchased an additional 220,586 shares during the period. As of the end of the most recent quarter, Pier Capital LLC's total investment in the company is valued at approximately $6,533,000, accounting for about 0.86% of the company's stock.

In addition to Pier Capital's activities, various other hedge funds have also adjusted their positions in Adaptive Biotechnologies. For instance, Millennium Management LLC has dramatically increased its stake by 1,008.3% in the second quarter, resulting in ownership of 9,262,341 shares, valued at roughly $33,530,000 after acquiring an additional 8,426,580 shares. Similarly, Rubric Capital Management LP boosted its holdings by 33.3% this past quarter, now owning 14,000,000 shares worth approximately $50,680,000 after purchasing an additional 3,500,000 shares.

Massachusetts Financial Services Co. MA also augmented its stake by 50.9% during the second quarter, acquiring another 1,319,709 shares to hold 3,912,027 shares valued at $14,162,000. Furthermore, ARK Investment Management LLC increased its stake by 8.1% in the same quarter, now having 11,412,000 shares valued at about $41,311,000 after adding 850,704 shares. Sumitomo Mitsui Trust Group Inc. also raised its position by 12.1% in the third quarter, holding a total of 7,733,884 shares valued at $39,597,000 after acquiring an additional 834,253 shares. Collectively, institutional investors and hedge funds own 99.17% of the stock in Adaptive Biotechnologies.

Recent Stock Performance

As of Friday, shares of NASDAQ:ADPT opened at $6.27, which reflects a trading increase of 3.3%. The company has a 50-day moving average of $5.25 and a two-hundred-day moving average of $4.48. The total market capitalization of Adaptive Biotechnologies stands at approximately $925.33 million with a price-to-earnings ratio of -4.68, and a beta of 1.49. The stock has seen a 12-month low of $2.28 and has peaked at $6.70 in the same timeframe.

Analyst Updates

Several brokerage firms have recently updated their outlook on Adaptive Biotechnologies. Piper Sandler has raised its target price from $6.00 to $7.00 while assigning an "overweight" rating on November 11. Similarly, BTIG Research has increased its price target from $7.00 to $8.00 and rating the stock as a "buy" in a report released on October 2.

Company Overview

Adaptive Biotechnologies Corporation is a commercial-stage company primarily engaged in developing an immune medicine platform aimed at diagnosing and treating a range of diseases. Their innovative immunosequencing platform utilizes proprietary chemistry, computational biology, and machine learning to produce clinical immunomics data, thereby decoding the adaptive immune system.

Additional Insights

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