Adeptus Biotechnologies stock initiated with buy rating at Craig-Hallum

Craig-Hallum initiated coverage on Adeptus Biotechnologies Corp. (NASDAQ:ADPT) Wednesday with a buy rating and a price target of $15.00. The stock, which has delivered an impressive 229% return over the past year, is currently trading near its 52-week high of $10.87. According to InvestingPro data, analysts maintain a bullish consensus on ADPT with price targets ranging from $9 to $13.

The research firm identified Adeptus as "the unequivocal leader in testing to measure minimal residual disease (MRD) in patients with hematologic malignancies," noting that the company’s clonoSEQ assay is the only FDA-approved MRD test for blood cancer.

Craig-Hallum highlighted the significant market opportunity, valuing the blood cancer MRD testing market at $1.8 billion. The firm emphasized that the clonoSEQ test can detect very small quantities of cancer cells that may remain during or after treatment.

The test’s ability to monitor MRD status helps physicians determine treatment efficacy and make therapy adjustments when necessary, according to the research note.

Craig-Hallum also pointed out that MRD testing can identify cancer recurrence earlier than alternative diagnostic methods, providing a potential advantage for patient care.

In other recent news, Adaptive Biotechnologies reported a strong first-quarter performance, surpassing analyst expectations with a smaller-than-expected loss per share of ($0.20) and revenue of $52.44 million, exceeding the forecasted $42.81 million. The company experienced a 25% increase in revenue compared to the previous year, largely due to a 34% rise in its Minimal Residual Disease (MRD) business revenue. Additionally, Adaptive Biotechnologies has raised its full-year MRD revenue guidance to between $180 million and $190 million. BTIG analysts responded to these results by raising the company’s stock price target to $11.00, maintaining a Buy rating, and expressing confidence in the company’s trajectory toward positive adjusted EBITDA in its MRD business by the second half of 2025.

In other developments, Grindr (NYSE:GRND) announced the appointment of Chad Cohen as the Chair of its Audit Committee, highlighting his extensive experience in financial leadership roles at companies like Zillow Group (NASDAQ:ZG) and Adaptive Biotechnologies. This move is part of Grindr’s efforts to strengthen its governance and strategic direction. Meanwhile, Adaptive Biotechnologies disclosed the outcomes of its recent annual meeting, where Chad Robins was elected to the Board of Directors, and Ernst & Young LLP was ratified as the independent auditor for the upcoming fiscal year. The company also announced that its clonoSEQ test for measurable residual disease will be featured in 30 scientific presentations at upcoming medical meetings, showcasing its role in managing lymphoid cancers.

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