Pier Capital LLC Increases Stake in Adaptive Biotechnologies

Pier Capital LLC has increased its investment in Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) by 20.9% during the third quarter, according to its latest filing with the Securities and Exchange Commission. The firm now owns 1,275,885 shares of the company, having acquired an additional 220,586 shares.

As of the end of the latest quarter, Pier Capital LLC's stake in Adaptive Biotechnologies represented approximately 0.86% of the business, valued at about $6,533,000.

Other hedge funds have also modified their positions in Adaptive Biotechnologies. For example, Millennium Management LLC significantly raised its stake by 1,008.3% in the second quarter, now owning 9,262,341 shares worth $33,530,000 after purchasing an additional 8,426,580 shares.

Additionally, Rubric Capital Management LP increased its holdings by 33.3%, bringing its total to 14,000,000 shares valued at $50,680,000 after acquiring 3,500,000 shares. Massachusetts Financial Services Co. MA also boosted its position by 50.9% during the second quarter, ending with 3,912,027 shares valued at $14,162,000 after purchasing another 1,319,709 shares.

ARK Investment Management LLC increased its stake by 8.1%, now holding 11,412,000 shares worth $41,311,000 after acquiring an additional 850,704 shares. Furthermore, Sumitomo Mitsui Trust Group Inc. enhanced its holdings by 12.1% in the third quarter, totaling 7,733,884 shares valued at $39,597,000 following the acquisition of 834,253 shares. Notably, about 99.17% of the company’s stock is now owned by institutional investors and hedge funds.

Recent Stock Performance

As of Friday, shares of NASDAQ:ADPT opened at $6.27. The company has a 50-day moving average of $5.25 and a two-hundred-day moving average of $4.48. The market capitalization of Adaptive Biotechnologies stands at approximately $925.33 million, with a price-to-earnings (PE) ratio of -4.68 and a beta of 1.49. The stock has seen a 12-month low of $2.28 and a high of $6.70.

Analyst Opinions

Several brokerage firms have provided updates on Adaptive Biotechnologies. Piper Sandler raised the target price for the company's shares from $6.00 to $7.00, giving it an "overweight" rating in a report released on November 11. Also, BTIG Research increased its price target from $7.00 to $8.00, rating the stock as a "buy" in a report published on October 2.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation is a company focused on developing immune medicine platforms for diagnosing and treating various diseases. The firm offers an immunosequencing platform that integrates proprietary chemistry, computational biology, and machine learning to produce clinical immunomics data aimed at understanding the adaptive immune system.

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