CFO of Adaptive Biotechnologies Sells Shares Valued at Over $72,000

On March 5th, Kyle Piskel, the Chief Financial Officer of Adaptive Biotechnologies Co. (NASDAQ:ADPT), executed a sale of 10,320 shares of the company's stock. The average price at which these shares were sold was $6.98, resulting in a total sale value of $72,033.60. As a result of this transaction, Piskel now holds 269,010 shares of Adaptive Biotechnologies, valued at approximately $1,877,689.80. This sale marks a 3.69% reduction in his overall ownership of the company. The transaction details were submitted to the Securities and Exchange Commission (SEC) and can be found in their public filings.

Current Stock Performance

As of mid-day trading on the following Thursday, Adaptive Biotechnologies' stock decreased by $0.26 and was trading at $7.77. The company's trading volume reached 1,570,893 shares, which is slightly below its average volume of 1,648,062 shares. The 50-day moving average price stands at $7.50, while the 200-day moving average is at $5.99. With a market capitalization of $1.15 billion, the stock currently shows a PE ratio of -7.13 and a beta of 1.53. Over the past year, the stock has fluctuated between a low of $2.28 and a high of $8.95.

In its most recent earnings report on February 11th, Adaptive Biotechnologies reported earnings per share (EPS) of -$0.23, surpassing the consensus estimate of -$0.27 by $0.04. The company's return on equity was recorded at -64.65%, with a net margin of -89.12%. The same quarter last year reflected an EPS of -$0.30. Analysts predict that for the current fiscal year, Adaptive Biotechnologies will post an EPS of -0.92.

Institutional Investors' Influence

Recently, numerous hedge funds have adjusted their positions in Adaptive Biotechnologies. Rubric Capital Management LP increased its stake in the third quarter by 2.9%, now holding 14,400,000 shares valued at $73,728,000 after acquiring an additional 400,000 shares. Similarly, ARK Investment Management LLC enhanced its holdings by 1.7%, bringing their ownership to 11,601,134 shares valued at $59,398,000, following the purchase of 189,134 shares. Vanguard Group Inc. also expanded its stake by 0.7%, owning 10,714,888 shares worth $64,236,000 after acquiring 75,448 shares. Other notable hedge funds include Sumitomo Mitsui Trust Group Inc., which increased its holdings by 12.1%, and Massachusetts Financial Services Co. MA, which raised its stake by 17.0%. Currently, institutional investors control 99.17% of Adaptive Biotechnologies' stock.

Analyst Recommendations and Price Targets

A variety of analysts have interacted with Adaptive Biotechnologies' stock in recent months. Goldman Sachs recently tweaked their price target from $5.50 to $7.50, assigning a "neutral" rating. Meanwhile, Piper Sandler said that their price objective rose from $7.00 to $11.00, maintaining an "overweight" rating. On the other hand, Scotiabank adjusted their price target up from $10.00 to $12.00 and categorized the stock as "sector outperform." BTIG Research also increased their price target from $8.00 to $9.00, labeling it as a "buy." One analyst currently gives the stock a hold rating, while four others rate it as a buy, resulting in an average price target of $9.10 based on consensus from MarketBeat.com.

Company Overview

Adaptive Biotechnologies Corporation is a company focused on developing immune medicine platforms that aid in diagnosing and treating various diseases. Their immunosequencing platform integrates proprietary chemistry, computational biology, and machine learning to produce clinical immunomics data aimed at elucidating the adaptive immune system.

stock, sale, finance, performance, investment