Adaptive Biotechnologies (NASDAQ:ADPT) Rating Increased to Buy at Zacks Investment Research

Adaptive Biotechnologies (NASDAQ:ADPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, Zacks.com reports. The brokerage currently has a $36.00 target price on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 26.27% from the stock’s current price.

According to Zacks, “Adaptive Biotechnologies Corporation is a commercial-stage biotech company. It develops and commercializes immune-driven clinical products to transform the diagnosis and treatment of disease. The company’s product pipeline includes immunoSEQ, clonoSEQ and cellular therapy which are in clinical stage. Adaptive Biotechnologies Corporation is based in Seattle, Washington. “

ADPT has been the subject of several other reports. Bank of America began coverage on shares of Adaptive Biotechnologies in a research note on Monday, July 22nd. They set a “buy” rating and a $45.00 target price for the company. Cowen began coverage on shares of Adaptive Biotechnologies in a research note on Monday, July 22nd. They set an “outperform” rating for the company. BTIG Research began coverage on shares of Adaptive Biotechnologies in a research note on Tuesday, July 23rd. They set a “buy” rating and a $46.00 target price for the company. Goldman Sachs Group began coverage on shares of Adaptive Biotechnologies in a research note on Monday, July 22nd. They set a “neutral” rating and a $32.00 target price for the company. Finally, William Blair began coverage on shares of Adaptive Biotechnologies in a research note on Monday, July 22nd. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $41.83.

Shares of ADPT stock traded up $1.22 during trading hours on Friday, reaching $28.51. 628,800 shares of the stock traded hands, compared to its average volume of 506,634. Adaptive Biotechnologies has a 1-year low of $24.05 and a 1-year high of $55.12. The firm has a fifty day moving average of $28.45.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.06. The company had revenue of $26.10 million for the quarter, compared to analyst estimates of $22.09 million. The company’s quarterly revenue was up 51.7% on a year-over-year basis. Equities research analysts predict that Adaptive Biotechnologies will post -0.58 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Alpine Group USVI LLC acquired a new position in shares of Adaptive Biotechnologies in the 2nd quarter valued at $966,000. SG Americas Securities LLC acquired a new position in shares of Adaptive Biotechnologies in the 2nd quarter valued at $724,000. Hudock Capital Group LLC acquired a new position in shares of Adaptive Biotechnologies in the 2nd quarter valued at $62,000. AGF Investments Inc. acquired a new position in shares of Adaptive Biotechnologies in the 2nd quarter valued at $121,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Adaptive Biotechnologies in the 2nd quarter valued at $12,020,000. Hedge funds and other institutional investors own 63.28% of the company’s stock.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ research service and kit that is used to answer research questions that inform current and future clinical trials, as well as to discover new prognostic and diagnostic signals.

Further Reading: Stock Symbols, CUSIP and Other Stock Identifiers

Get a free copy of the Zacks research report on Adaptive Biotechnologies (ADPT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Adaptive Biotechnologies (NASDAQ:ADPT)

Receive News & Ratings for Adaptive Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adaptive Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.