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Sharon Benzeno, Chief Commercial Officer of Adaptive Biotechnologies Corp (NASDAQ:ADPT), recently reported selling shares of the company. According to the SEC filing, Benzeno sold a total of 44,665 shares on March 5, 2025, at prices ranging from $6.98 to $6.99 per share. The total value of these transactions amounted to approximately $311,792. The stock, currently trading at $7.77, has shown remarkable strength with a 125% return over the past year. InvestingPro analysis indicates the stock is currently fairly valued, with several additional insights available to subscribers.
The sales were executed to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs), as mandated by the company’s equity incentive plans. This process, known as a "sell to cover" transaction, is not considered a discretionary trade by the executive.
Additionally, Benzeno acquired 109,973 shares of common stock on March 4, 2025, at no cost, as part of an award. She also received stock options for 165,027 shares, exercisable at $8.12 per share, which will vest over the coming years.
Following these transactions, Benzeno holds 392,723 shares of Adaptive Biotechnologies.
In other recent news, Adeptus Biotechnologies Corp. reported strong financial results for the fourth quarter, surpassing analyst expectations. The company posted revenue of $47.5 million, a 4% increase from the previous year, beating the consensus estimate of $46.15 million. The adjusted loss per share was $0.23, which was narrower than the anticipated $0.25 loss. The Minimal Residual Disease (MRD) business, a significant contributor, grew by 31% year-over-year to $40.1 million, while the Immune Medicine segment saw a decline of 51% to $7.3 million. Looking ahead, Adeptus projects MRD revenue for 2025 to be between $175 million and $185 million.
Scotiabank (TSX:BNS) has responded positively to these developments, raising the price target for Adeptus Biotechnologies to $12 from $10 and maintaining a Sector Outperform rating. The bank’s analyst highlighted the company’s strong finish to fiscal year 2024 and its disciplined approach to managing operating expenses. Adeptus plans to limit the increase in operating expenses to a low single-digit percentage, aiming for a reduction in cash burn by approximately 28%. The company ended 2024 with cash reserves of $256 million, positioning it well for future growth and strategic initiatives.
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