Pier Capital LLC Increases 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, as disclosed in its recent filing with the Securities and Exchange Commission. Following this increase, the firm now owns a total of 1,275,885 shares of Adaptive Biotechnologies, which includes an additional purchase of 220,586 shares made in the quarter. This accumulation brings Pier Capital's ownership to approximately 0.86% of the company, valued at around $6,533,000 at the close of the latest quarter.

Other hedge funds have also made notable adjustments to their holdings in Adaptive Biotechnologies. Millennium Management LLC dramatically boosted its stake by 1,008.3% during the second quarter, acquiring 9,262,341 shares worth approximately $33,530,000, following the purchase of an extra 8,426,580 shares. Similarly, Rubric Capital Management LP increased its investment by 33.3% during the same period, bringing its holdings to a total of 14,000,000 shares valued at $50,680,000 after purchasing 3,500,000 additional shares.

Massachusetts Financial Services Co. MA raised its stake in Adaptive Biotechnologies by 50.9% during the second quarter, now owning 3,912,027 shares worth $14,162,000 after adding 1,319,709 shares. ARK Investment Management LLC also raised its investment by 8.1% during this quarter, owning 11,412,000 shares valued at $41,311,000 after acquiring an additional 850,704 shares. Additionally, Sumitomo Mitsui Trust Group Inc. increased its holdings by 12.1% in the third quarter, now possessing 7,733,884 shares valued at $39,597,000 after acquiring 834,253 shares. Overall, institutional investors and hedge funds own about 99.17% of Adaptive Biotechnologies’ stock.

Stock Performance

The shares of NASDAQ:ADPT opened at $6.27 on Friday, showing a rise of 3.3%. The stock 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 (PE) ratio of -4.68 with a beta of 1.49. The company's stock has ranged from a 12-month low of $2.28 to a high of $6.70.

Analyst Insights

Various brokerages have recently issued new price targets for Adaptive Biotechnologies. Piper Sandler raised its target price from $6.00 to $7.00, recommending an overweight rating for the stock. BTIG Research also increased its price target from $7.00 to $8.00, categorizing it as a buy in their latest reports.

Company Overview

Adaptive Biotechnologies Corporation is a commercial-stage company focused on immune medicine platforms designed for diagnosing and treating various diseases. The firm utilizes an immunosequencing platform that integrates proprietary chemistry, computational biology, and machine learning to create clinical immunomics data, aimed at decoding the adaptive immune system.

Conclusion

As the landscape of immune-related diagnostics and therapeutics evolves, Adaptive Biotechnologies continues to attract significant interest from institutional investors. The recent increase in stakes by various hedge funds indicates growing confidence in the company's potential within the biotech field.

investment, stocks, biotech