Adaptive Biotechnologies (NASDAQ:ADPT) Issues Quarterly Earnings Results

Adaptive Biotechnologies (NASDAQ:ADPT) posted its quarterly earnings data on Wednesday. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.12, FiscalAI reports. Adaptive Biotechnologies had a negative return on equity of 23.95% and a negative net margin of 23.67%. The firm had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $71.57 million. During the same quarter last year, the business earned $0.06 EPS. The company’s quarterly revenue was down 10.7% compared to the same quarter last year.

Here are the key takeaways from Adaptive Biotechnologies’ conference call:

• Adaptive reported Q3 revenue of $83.9 million, up 39%, and MRD revenue growth of 44% excluding prior-year milestones. It generated $14.3 million in adjusted EBITDA and $8 million in free cash flow, and raised its 2026 MRD revenue guidance to $276 million–$286 million.
• Clinical testing volume grew 46% year over year to nearly 40,000 clonoSEQ tests, with growth across reimbursed indications. Blood-based and community testing also expanded; management said updated myeloma guidelines and a new definition of cure could further support adoption, though those benefits remain prospective.
• MRD pharma sequencing revenue grew 55% year over year excluding milestones, while the study portfolio reached 191 active studies and backlog rose 34% to about $270 million. Management expects approximately 25% full-year pharma sequencing growth, but noted that quarterly revenue and milestone timing can be lumpy.
• More frequent Medicare testing beyond the existing four-test episode bundle pressured realized ASP, particularly in multiple myeloma. Adaptive has submitted for an additional maintenance-testing bundle and is in discussions with MolDX, but the timing and terms of any expanded coverage are uncertain; the company also said it does not expect full-year GAAP net income or positive EPS.
• Adaptive said it remains on track to announce a path forward for separating its Immune Medicine business by year end. The segment recognized a Pfizer milestone after delivering rheumatoid arthritis data, but management did not provide details on the separation outcome.

Adaptive Biotechnologies Stock Performance

NASDAQ:ADPT opened at $27.98 on Friday. The company has a market cap of $4.53 billion, a price-to-earnings ratio of -62.18 and a beta of 2.18. The company has a debt-to-equity ratio of 1.82, a quick ratio of 4.68 and a current ratio of 3.97. The stock has a fifty day moving average price of $26.42 and a 200-day moving average price of $19.86. Adaptive Biotechnologies has a fifty-two week low of $12.00 and a fifty-two week high of $30.74.

Insider Buying and Selling

In related news, COO Julie Rubinstein sold 11,881 shares of Adaptive Biotechnologies stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $26.53, for a total transaction of $315,202.93. Following the sale, the chief operating officer directly owned 377,802 shares in the company, valued at approximately $10,023,087.06. This trade represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,062,644 shares of company stock worth $27,121,836 in the last 90 days. Company insiders own 5.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. National Bank Financial set a $34.00 price target on shares of Adaptive Biotechnologies in a research note on Tuesday, September 22nd. The Goldman Sachs Group initiated coverage on shares of Adaptive Biotechnologies in a research note on Tuesday, September 29th. They issued a “buy” rating and a $35.00 price objective for the company. Guggenheim boosted their price objective on shares of Adaptive Biotechnologies from $25.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, October 1st. Morgan Stanley increased their target price on shares of Adaptive Biotechnologies from $22.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, October 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Thursday, October 15th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.06.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies Corporation (NASDAQ: ADPT) is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and research tools. Based in Seattle, Washington, the company analyzes immune-cell receptors to help identify and measure disease, support drug development and improve understanding of immune responses.

Adaptive’s products include clonoSEQ, a clinical assay used to detect and monitor measurable residual disease in certain blood cancers, including multiple myeloma, acute lymphoblastic leukemia and chronic lymphocytic leukemia.