Adaptive Biotechnologies stock hits 52-week high at 10.88 USD

Adaptive Biotechnologies Corp (NASDAQ:ADPT)’s stock reached a significant milestone, hitting a 52-week high at 10.88 USD. According to InvestingPro data, the company maintains a "Fair" financial health score, though analysts note the stock’s high volatility. This achievement reflects a substantial increase in the company’s stock value over the past year, with a remarkable 214% return. The biotechnology firm, known for its innovative approaches in immune-driven medicine, has seen its stock price surge, with impressive gains of 67% over the past six months. While analyst targets range from $9 to $15, InvestingPro subscribers have access to 12 additional key insights about ADPT’s future prospects. This 52-week high underscores the company’s strong performance and the market’s optimistic outlook on its capabilities and prospects.

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 anticipated $42.81 million. This impressive result was driven by a 34% increase in its Minimal Residual Disease (MRD) business revenue and a 36% rise in clonoSEQ test volume. The company also updated its full-year MRD revenue guidance to between $180 million and $190 million, suggesting potential growth of 24% to 31%. Analyst Mark Massaro from BTIG responded by raising the price target to $11.00 from $10.00, maintaining a Buy rating. In other developments, Craig-Hallum initiated coverage on Adaptive Biotechnologies with a buy rating, emphasizing the company’s leadership in MRD testing for blood cancer. Additionally, the clonoSEQ test will be featured in 30 scientific presentations at upcoming medical conferences, highlighting its clinical utility. Adaptive Biotechnologies also disclosed outcomes from its annual meeting, including the election of Chad Robins to the Board of Directors and the ratification of Ernst & Young LLP as the independent auditor.

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