Adaptive Biotechnologies (NASDAQ:ADPT) Releases Earnings Results, Beats Expectations By $0.12 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) issued its earnings results on Wednesday. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.12, FiscalAI reports. The firm had revenue of $83.90 million for the quarter, compared to the consensus estimate of $71.57 million. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%. The company’s revenue was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share.

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 Trading Up 3.5%

Shares of Adaptive Biotechnologies stock traded up $0.91 during trading hours on Wednesday, reaching $26.71. The stock had a trading volume of 2,326,040 shares, compared to its average volume of 1,999,355. The stock’s 50 day moving average is $26.37 and its 200 day moving average is $19.76. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. Adaptive Biotechnologies has a twelve month low of $12.00 and a twelve month high of $30.74.

Insider Activity at Adaptive Biotechnologies

In related news, COO Julie Rubinstein sold 11,881 shares of Adaptive Biotechnologies stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $25.47, for a total value of $302,609.07. Following the completion of the transaction, the chief operating officer owned 377,802 shares in the company, valued at $9,622,616.94. The trade was a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,050,763 shares of company stock worth $26,806,633. 5.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADPT. Guggenheim lifted their price target on Adaptive Biotechnologies from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Piper Sandler boosted their price target on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, August 4th. BTIG Research upped their price objective on Adaptive Biotechnologies from $25.00 to $34.00 and gave the stock a “buy” rating in a research report on Tuesday, September 22nd. TD Cowen raised their price objective on shares of Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. Finally, The Goldman Sachs Group began coverage on shares of Adaptive Biotechnologies in a report on Tuesday, September 29th. They set a “buy” rating and a $35.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Adaptive Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus price target 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.