Adaptive Biotechnologies
Provides clonoSEQ residual-disease testing and immune-receptor discovery services.
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Profile
Sells clonoSEQ testing to clinicians and drug developers for detecting measurable residual disease in lymphoid cancers, while licensing immune-receptor data and discovery tools through Immune Medicine. U.S. reimbursement underpins the diagnostics business, and management is pursuing a separation of Immune Medicine.
Uses next-generation immune-receptor sequencing to detect and monitor measurable residual disease in lymphoid cancers. The MRD business sells clonoSEQ clinical testing to hematologists and applies the same assay in biopharmaceutical trials, where results can serve as drug-development endpoints. FDA authorization, Medicare and private-payor coverage, and integration with oncology records support adoption in the United States; access abroad remains limited and reimbursement less developed.
Immune Medicine turns T- and B-cell receptor data into immunosequencing services, licensed datasets, prediction models, and target-discovery work for research and drug-development partners. Its platform combines sequencing with computational biology to map receptors to disease-linked antigens. Management is evaluating ways to separate Immune Medicine and has designated MRD diagnostics as the post-separation focus.
Company facts
Key statistics
Year to date +58.5% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 4, 2026 | Piper Sandler | Reiterate | Overweight | $21 | $27.50 |
| Jul 30, 2026 | Guggenheim | Reiterate | Buy | $22 | $25 |
| Jul 30, 2026 | BTIG | Reiterate | Buy | $22 | $25 |
| Jul 9, 2026 | Morgan Stanley | Reiterate | Equal Weight | $21 | $20 |
| Jun 29, 2026 | Guggenheim | Reiterate | Buy | $21 | $22 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | −$0.13 | −$0.25 | −87.1% | $65.4M | $71.6M | +9.3% | +0.18% |
| May 5, 2026Q1 FY26 | −$0.16 | −$0.13 | +18.8% | $61.0M | $70.9M | +16.2% | +4.72% |
| Feb 5, 2026Q4 FY25 | −$0.19 | −$0.09 | +52.6% | $60.9M | $71.7M | +17.7% | −4.25% |
| Nov 5, 2025Q3 FY25 | −$0.16 | −$0.15 | +6.3% | $59.4M | $94.0M | +58.2% | −11.54% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $52.4M | $58.9M | $94.0M | $71.7M | $70.9M | $71.6M | |
| Gross profit | $35.5M | $40.9M | $75.8M | $53.5M | $52.2M | $51.0M | |
| Operating income | −$29.6M | −$25.0M | $10.3M | −$12.8M | −$19.2M | −$15.8M | |
| Net income | −$29.9M | −$25.6M | $9.5M | −$13.6M | −$20.0M | −$39.8M | |
| Diluted EPS | −$0.20 | −$0.17 | $0.06 | −$0.09 | −$0.13 | −$0.25 | |
| Gross margin | 67.6% | 69.4% | 80.7% | 74.6% | 73.6% | 71.2% | |
| Operating margin | -56.4% | -42.5% | 10.9% | -17.8% | -27.1% | -22.0% |
Fiscal years (4-quarter sums)FY21 $154.3M · FY22 $185.3M · FY23 $170.3M · FY24 $179.0M · FY25 $277.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $344.3M · Total debt $410.5M · Total assets $640.7M · Shareholders' equity $142.9M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 160.04M · Float 155.20M · 97.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Viking Global Investors LP | 29.99M | 18.74% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 15.14M | 9.46% | 13F | Aug 7, 2026 |
| Nikko Asset Management Co., Ltd. (“NAM”) | 7.73M | 5.24% | 13G | Nov 5, 2024 |
| Vanguard Capital Management LLC | 6.40M | 4.00% | 13F | Aug 13, 2026 |
| Wellington Management Group LLP | 5.91M | 3.69% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Katey Einterz Owen | director | −9,615 | $26.00 |
| Aug 18, 2026 | Robert Hershberg | director | −30,664 | $24.40 |
| Aug 18, 2026 | Chad M. Robins | director, officer: CEO and Chairman | −278,676 | $24.48 |
| Aug 17, 2026 | Chad M. Robins | director, officer: CEO and Chairman | −321,324 | $25.08 |
| Aug 17, 2026 | Peter M. Neupert | director | −124,690 | $25.15 |
Peers
- Natera
Personalized ctDNA MRD platform across solid tumors
- Guardant Health
Tissue-free ctDNA MRD and monitoring alternative
- 10x Genomics
Single-cell immune profiling research-tools rival
- Tempus AI
AI-enabled oncology data and monitoring platform
- Personalis
Ultra-sensitive tumor-informed MRD testing peer
- NeoGenomics
Oncology lab competitor and clonoSEQ channel partner
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Adaptive Biotechnologies | $25.80 | +2.34% | $4.03B | — | — | 13.1 | +21.5% |
| Natera | $325.30 | −0.26% | $46.73B | — | — | 17.3 | +37.7% |
| Guardant Health | $161.50 | −0.03% | $21.67B | — | — | 18.3 | +44.3% |
| 10x Genomics | $61.54 | −0.01% | $7.81B | — | — | 12.7 | −12.7% |
| Tempus AI | $63.44 | −0.89% | $11.22B | — | — | 7.8 | +21.6% |
| Personalis | $17.35 | +1.57% | $1.82B | — | — | 26.2 | +30.0% |
| NeoGenomics | $18.20 | +0.86% | $463.8M | — | 64.9 | 0.6 | +11.2% |
| Median | — | 64.9 | 15.0 | +25.8% |