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SEATTLE—Chad M. Robins, CEO and Chairman of Adaptive Biotechnologies Corp (NASDAQ:ADPT), executed significant stock transactions earlier this month, selling shares worth approximately $1.6 million, according to a recent filing with the Securities and Exchange Commission. The company, currently valued at $1.15 billion, has seen its stock surge over 125% in the past year, according to InvestingPro data.
On March 5, Robins sold 117,351 shares at prices ranging from $6.98 to $6.99 per share, totaling approximately $819,471. The following day, March 6, he sold an additional 102,218 shares at $7.64 per share, amounting to $780,945. These transactions were conducted to cover tax withholding obligations associated with the vesting of restricted stock units and performance share units, as mandated by the company’s equity incentive plans.
In addition to these sales, Robins acquired a total of 602,117 shares at no cost on March 4 and March 5, as part of the vesting of performance share units. Following these transactions, Robins holds 2,959,249 shares of Adaptive Biotechnologies.
Adaptive Biotechnologies, a Seattle-based company, specializes in biological products and continues to advance its offerings in the life sciences sector.
In other recent news, Adaptive Biotechnologies Corporation reported fourth-quarter results that exceeded analyst expectations, with revenue reaching $47.5 million, surpassing the consensus estimate of $46.15 million. The company also reported a narrower-than-expected adjusted loss per share of $0.23, compared to the anticipated $0.25 loss. The Minimal Residual Disease (MRD) business was a significant contributor, accounting for 85% of Q4 revenue and growing 31% year-over-year to $40.1 million. However, the Immune Medicine revenue saw a decline of 51% to $7.3 million.
Looking ahead, Adaptive Biotechnologies projects MRD business revenue between $175 million and $185 million for 2025, with total operating expenses expected to be in the range of $340-$350 million. The company anticipates a cash burn of $60-$70 million for the year, ending 2024 with $256 million in cash and marketable securities. In a separate development, Scotiabank (TSX:BNS) analyst Sung Ji Nam raised the price target for Adaptive Biotechnologies to $12.00 from $10.00, maintaining a Sector Outperform rating. This adjustment follows the company’s strong fiscal year 2024 performance and optimistic projections for 2025. Scotiabank’s confidence is further supported by the expected growth in the MRD business and the reduced risk profile of the Immune Medicine segment.
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