Millennium Management LLC Has $37.72 Million Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Millennium Management LLC cut its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 33.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,292,634 shares of the company’s stock after selling 3,107,939 shares during the period. Millennium Management LLC owned about 4.26% of Adaptive Biotechnologies worth $37,724,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at approximately $50,000. Cibc World Markets Corp acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at approximately $65,000. Bridgefront Capital LLC acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at approximately $80,000. Amundi raised its holdings in shares of Adaptive Biotechnologies by 41.2% in the fourth quarter. Amundi now owns 15,532 shares of the company’s stock valued at $93,000 after purchasing an additional 4,531 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at approximately $93,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ADPT. Scotiabank boosted their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Piper Sandler restated an “overweight” rating and set a $13.00 target price (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Finally, Morgan Stanley boosted their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Adaptive Biotechnologies has a consensus rating of “Moderate Buy” and a consensus target price of $9.83.

Insiders Place Their Bets

In other news, insider Francis Lo sold 20,875 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.99, for a total value of $145,916.25. Following the completion of the sale, the insider now owns 332,846 shares of the company’s stock, valued at approximately $2,326,593.54. The trade was a 5.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Chad M. Robins sold 211,160 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the completion of the sale, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at approximately $21,901,958.50. The trade was a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 667,092 shares of company stock valued at $5,198,980 over the last ninety days. 6.40% of the stock is currently owned by company insiders.

Adaptive Biotechnologies Price Performance

ADPT stock opened at $9.05 on Friday. The company has a fifty day moving average price of $8.03 and a two-hundred day moving average price of $7.21. Adaptive Biotechnologies Co. has a one year low of $2.99 and a one year high of $10.28. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -8.30 and a beta of 1.75.

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

Adaptive Biotechnologies Company Profile

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.