Pier Capital LLC Expands Its Investment in Adaptive Biotechnologies Co.

Pier Capital LLC has increased its investment in Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 20.9% during the third quarter, based on its recent filings with the Securities and Exchange Commission. After purchasing an additional 220,586 shares, the firm now holds 1,275,885 shares, which represents about 0.86% of the company, valued at approximately $6,533,000 as of the end of the last quarter.

Other hedge funds have also adjusted their holdings in Adaptive Biotechnologies. For instance, Millennium Management LLC raised its investment by a staggering 1,008.3% in the second quarter, acquiring an additional 8,426,580 shares and amassing a total of 9,262,341 shares, now worth around $33,530,000. Similarly, Rubric Capital Management LP increased its stake by 33.3%, bringing its total to 14,000,000 shares valued at about $50,680,000 after adding 3,500,000 shares.

Additionally, Massachusetts Financial Services Co. MA raised its position by 50.9% in the second quarter, now owning 3,912,027 shares worth approximately $14,162,000 after an increase of 1,319,709 shares. ARK Investment Management LLC has also boosted its holding by 8.1%, bringing its total to 11,412,000 shares valued at $41,311,000 after acquiring 850,704 extra shares during the same period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake by 12.1% in the third quarter, now owning 7,733,884 shares valued at $39,597,000 after gaining 834,253 shares. In total, institutional investors and hedge funds now own 99.17% of Adaptive Biotechnologies stock.

Recent Stock Performance

Adaptive Biotechnologies’ stock (NASDAQ:ADPT) opened at $6.27 on Friday. The company has a 50-day moving average of $5.25 and a 200-day moving average of $4.48. Overall, Adaptive Biotechnologies has a market capitalization of $925.33 million, a PE ratio of -4.68, and a beta of 1.49. Throughout the past year, the stock has experienced a low of $2.28 and a high of $6.70.

Analyst Ratings and Price Targets

In recent reports, several brokerages have updated their outlook on Adaptive Biotechnologies. For instance, Piper Sandler has increased its price target from $6.00 to $7.00, assigning the stock an "overweight" rating. Meanwhile, BTIG Research raised its price target on Adaptive Biotechnologies from $7.00 to $8.00, giving it a "buy" rating in their findings.

Company Overview

Adaptive Biotechnologies Corporation focuses on developing advanced immune medicine platforms aimed at the diagnosis and treatment of various diseases. Its immunosequencing platform combines innovative chemistry, computational biology, and machine learning to produce clinical immunomics data, which helps decode the adaptive immune system.

Investor Information

Investors interested in Adaptive Biotechnologies can explore more about institutional holdings and the latest updates. Keeping an eye on hedge fund activities can provide valuable insights into potential market movements.

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