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Chad M. Robins, the CEO and Chairman of Adaptive Biotechnologies Corp (NASDAQ:ADPT), recently sold shares worth approximately $3.99 million, according to a Form 4 filing with the Securities and Exchange Commission. The transactions were executed under a Rule 10b5-1 trading plan. The sales come as the company’s stock has shown remarkable strength, gaining over 70% in the past six months, according to InvestingPro data.
On February 13, Robins sold 100,287 shares at a weighted-average price of $8.44, with prices ranging from $8.30 to $8.56. The following day, he sold an additional 158,921 shares at a weighted-average price of $8.46, with prices ranging from $8.30 to $8.69. Finally, on February 18, Robins sold 211,160 shares at a weighted-average price of $8.50, with prices ranging from $8.30 to $8.91. The stock is currently trading near its 52-week high of $8.95.
In addition to the sales, Robins also exercised stock options on the same dates, acquiring 470,368 shares at a price of $6.32 per share. After these transactions, Robins holds 2,576,701 shares directly. With a market capitalization of $1.23 billion, ADPT currently trades at 6x book value despite not being profitable in the last twelve months. InvestingPro subscribers can access 13 additional key insights about ADPT’s financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Adeptus Biotechnologies Corp. has been making significant strides in its financial performance. Following a strong finish to fiscal year 2024, the company reported robust growth with an approximately 30% year-over-year increase for the initial 2025 minimal residual disease (MRD) revenue guidance. This is projected to bring revenues between $175 and $185 million, excluding milestones.
In light of these recent developments, Scotiabank (TSX:BNS) analyst Sung Ji Nam increased the price target for Adeptus Biotechnologies to $12.00, up from the previous $10.00, maintaining a Sector Outperform rating on the stock. Adeptus has also set targets for operating expenses, including the cost of revenue, to increase by only a low single-digit percentage. This disciplined approach is expected to capitalize on lab efficiencies and a planned transition to the NovaSeq X platform later in the year.
Moreover, Adeptus Biotechnologies is on track to reach MRD adjusted EBITDA profitability in the second half of 2025 and aims to achieve cash flow breakeven in the first half of 2026. The company’s cash reserves were reported to be $256 million at the end of 2024. The raised estimates and price target reflect Scotiabank’s view of the significant growth potential ahead for Adeptus’ MRD business.
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