Pier Capital LLC Increases Its Investment in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Pier Capital LLC has raised its investment in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 20.9% during the third quarter of the year, according to their recent filing with the Securities and Exchange Commission. Following this increase, the firm now owns 1,275,885 shares of Adaptive Biotechnologies after purchasing an additional 220,586 shares during the quarter. The firm holds approximately 0.86% of the company, which is valued at $6,533,000 as of the latest quarter.

Other hedge funds have also made adjustments to their stakes in Adaptive Biotechnologies. For instance, Millennium Management LLC significantly increased its holdings by 1,008.3% during the second quarter, amassing 9,262,341 shares worth $33,530,000 after an acquisition of 8,426,580 shares. Rubric Capital Management LP also boosted its holdings by 33.3%, now owning 14,000,000 shares valued at $50,680,000 after acquiring 3,500,000 additional shares. Meanwhile, Massachusetts Financial Services Co. MA lifted its position by 50.9%, owning 3,912,027 shares valued at $14,162,000 following an additional purchase of 1,319,709 shares. ARK Investment Management LLC increased its stake by 8.1%, now holding 11,412,000 shares valued at $41,311,000 after acquiring 850,704 further shares.

Additionally, Sumitomo Mitsui Trust Group Inc. enhanced its holdings in Adaptive Biotechnologies by 12.1% in the third quarter, now possessing 7,733,884 shares valued at $39,597,000 after adding 834,253 shares during the quarter. In total, institutional investors and hedge funds own about 99.17% of the stock.

Adaptive Biotechnologies Shares Experience Rise

On Friday, shares of NASDAQ:ADPT opened at $6.27. The company has a 50-day moving average of $5.25 and a 200-day moving average of $4.48. Adaptive Biotechnologies has a market capitalization of $925.33 million and a price-to-earnings ratio of -4.68, with a beta of 1.49. The company's stock has seen a 12-month low of $2.28 and a high of $6.70.

Updated Price Targets from Analysts

Recently, several brokerage firms have updated their price targets for Adaptive Biotechnologies. Piper Sandler raised their target price from $6.00 to $7.00 while maintaining an “overweight” rating. This update was published on November 11th. Additionally, BTIG Research increased its price target from $7.00 to $8.00, giving the stock a “buy” rating as reported on October 2nd.

About Adaptive Biotechnologies

Company Overview

Adaptive Biotechnologies Corporation operates as a commercial-stage company that specializes in an immune medicine platform aimed at diagnosing and treating various diseases. The firm offers an immunosequencing platform that combines proprietary chemistry, computational biology, and machine learning technologies to generate clinical immunomics data, helping to decode the adaptive immune system.

Investment, Biotechnologies, Stock