Adaptive Biotechnologies CEO Chad Robins sells over $2.4m in stock

Published 22/02/2025, 01:32
Adaptive Biotechnologies CEO Chad Robins sells over $2.4m in stock

SEATTLE—Chad M. Robins, CEO and Chairman of Adaptive Biotechnologies Corp (NASDAQ:ADPT), recently executed significant stock transactions, according to a filing with the Securities and Exchange Commission. On February 19 and 20, Robins sold a total of 285,187 shares of common stock, generating proceeds of approximately $2.41 million. The sales occurred at prices ranging from $8.44 to $8.46 per share. The timing of these sales coincides with ADPT’s impressive market performance, having delivered a 113% return over the past year and an 88% gain in the last six months.

The transactions were part of a prearranged trading plan under Rule 10b5-1, adopted by Robins in August 2024. Prior to these sales, Robins exercised stock options to acquire the same number of shares at an exercise price of $6.32 each, totaling $1.80 million. According to InvestingPro data, the company maintains a healthy liquidity position with a current ratio of 2.89, though analysts have recently revised earnings expectations downward.

Following these transactions, Robins now holds 2,576,701 shares of Adaptive Biotechnologies directly. The company, based in Seattle, focuses on developing products that harness the adaptive immune system’s capabilities to diagnose and treat diseases. With a market capitalization of $1.2 billion and trading near its Fair Value according to InvestingPro analysis, the company operates with moderate debt levels while pursuing growth in the biotechnology sector.

In other recent news, Adeptus Biotechnologies reported fourth-quarter results that exceeded analyst expectations, with revenue reaching $47.5 million, surpassing the consensus estimate of $46.15 million. The company’s adjusted loss per share was $0.23, narrower than the anticipated $0.25 loss. The Minimal Residual Disease (MRD) business, a significant contributor to revenue, grew 31% year-over-year to $40.1 million, while the Immune Medicine revenue saw a decline of 51% to $7.3 million. Looking ahead to 2025, Adeptus projects MRD business revenue to be between $175 million and $185 million, with a disciplined approach to operating expenses, estimated at $340-$350 million.

Scotiabank (TSX:BNS) analyst Sung Ji Nam increased the price target for Adeptus Biotechnologies to $12.00, up from $10.00, maintaining a Sector Outperform rating. This adjustment follows the company’s strong fiscal year 2024 performance and projected 30% year-over-year growth in MRD revenue. Adeptus plans to keep operating expenses, including the cost of revenue, to a low single-digit percentage increase, aiming to reduce total cash burn by about 28% to between $60 and $70 million. The company ended 2024 with cash reserves of $256 million and aims for MRD adjusted EBITDA profitability in the second half of 2025, with cash flow breakeven expected in the first half of 2026.

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