Verition Fund Management LLC Reduces Stake in Adaptive Biotechnologies Co.

On December 16, 2024, it was reported that Verition Fund Management LLC has decreased its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 26.4% during the third quarter. Following the sale of 15,392 shares, the institutional investor now owns 42,965 shares, which were valued at approximately $220,000 at the end of the reporting period.

Other institutional investors have also made adjustments to their positions in Adaptive Biotechnologies. For instance, Rubric Capital Management LP increased its stake in the company by 2.9% in the third quarter, acquiring 400,000 additional shares to reach a total of 14,400,000 shares valued at $73,728,000. Furthermore, Townsquare Capital LLC acquired a new stake worth about $56,000 in the same quarter.

Another notable change was made by BNP Paribas Financial Markets, which raised its position in Adaptive Biotechnologies by a significant 442.0%, now owning 55,820 shares valued at $286,000 after purchasing an additional 45,521 shares. Millrace Asset Group Inc. also entered with a new investment totaling approximately $1,396,000.

In addition, FMR LLC expanded its investment by 102.0%, increasing its holdings to 233,566 shares worth $1,196,000 following the acquisition of an additional 117,965 shares. Overall, 99.17% of Adaptive Biotechnologies Co. is held by institutional investors.

Current Stock Performance

The stock of Adaptive Biotechnologies opened at $6.30 on Monday, reflecting a market capitalization of $929.75 million. The price-to-earnings ratio stands at -4.70, with a beta of 1.49. The stock has a 50-day moving average of $5.37 and a two-hundred day moving average of $4.59. The one-year range for the stock has seen a low of $2.28 and a high of $7.07.

Analyst Projections

Several equities research analysts have provided insights on Adaptive Biotechnologies. BTIG Research has recently increased its price target on the stock from $7.00 to $8.00 while maintaining a "buy" rating. Similarly, Piper Sandler raised its price objective from $6.00 to $7.00 and assigned an "overweight" rating in a recent research note.

Company Overview

Adaptive Biotechnologies Corporation is a commercial-stage biotechnology company that specializes in immune medicine. The firm has developed an immunosequencing platform that combines proprietary chemistry, computational biology, and machine learning. This platform is aimed at generating clinical immunomics data that can decode the adaptive immune system and assist in diagnosing and treating various diseases.

Investments, Stocks, Biotechnology