Adaptive Biotechnologies (NASDAQ:ADPT) Announces Quarterly Earnings Results

Adaptive Biotechnologies (NASDAQ:ADPT) released its earnings results on Thursday. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.10, FiscalAI reports. Adaptive Biotechnologies had a negative return on equity of 58.40% and a negative net margin of 31.50%.The company had revenue of $71.68 million for the quarter, compared to analysts’ expectations of $59.38 million. During the same period in the previous year, the business posted ($0.23) EPS. The business’s revenue for the quarter was up 51.0% compared to the same quarter last year.

Here are the key takeaways from Adaptive Biotechnologies’ conference call:

• MRD (clonoSEQ) momentum: Full?year MRD revenue grew ~46% with a Q4 record of 30,038 clonoSEQ tests (up 43% YoY), improving sequencing gross margins and MRD achieving profitability ahead of expectations.
• 2026 financial outlook: Guidance targets MRD revenue of $255–$265M (including $8–$9M milestones), test volumes >30% YoY, an average ASP of ~$1,400, and company?wide positive adjusted EBITDA and free cash flow by year?end 2026.
• Immune medicine data monetization: Adaptive now has >5 million paired TCRs across ~20,000 antigens, has signed two Pfizer data deals, pivoted toward data/AI licensing, and plans a lower 2026 net cash burn of $15–$20M to commercialize the dataset.
• Execution risk from payer negotiations and timing: two large national payer contracts are material to achieving the ASP target and any delay or less favorable outcomes could depress realized ASPs and revenue growth.
• Competitive and legacy revenue notes: management downplays a new flow?cytometry competitor (citing lower sensitivity), and non?cash Genentech amortization has been fully recognized (no ongoing contribution), creating market and revenue composition uncertainties.

Adaptive Biotechnologies Trading Down 4.8%

Shares of NASDAQ:ADPT opened at $16.47 on Friday. The company has a market cap of $2.51 billion, a PE ratio of -30.50 and a beta of 2.18. The company’s 50 day moving average is $17.10 and its two-hundred day moving average is $15.16. Adaptive Biotechnologies has a 52 week low of $6.26 and a 52 week high of $20.76.

Wall Street Analysts Forecast Growth

ADPT has been the topic of several research analyst reports. Piper Sandler upped their price objective on shares of Adaptive Biotechnologies from $15.00 to $20.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Wall Street Zen cut shares of Adaptive Biotechnologies from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Morgan Stanley assumed coverage on Adaptive Biotechnologies in a research report on Monday, December 1st. They set an “equal weight” rating and a $21.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Wednesday, January 21st. Finally, TD Cowen reissued a “buy” rating on shares of Adaptive Biotechnologies in a report on Wednesday, January 7th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.22.

More Adaptive Biotechnologies News

Here are the key news stories impacting Adaptive Biotechnologies this week:

• Positive Sentiment: Q4 results beat expectations — Adaptive reported EPS of ($0.09) vs. a consensus loss of ($0.19) and revenue of $71.7M vs. consensus ~$59.4M, showing stronger-than-expected commercial traction. MarketBeat Earnings Coverage
• Neutral Sentiment: Company published full Q4 and FY2025 financial results, slide deck and conference call materials for review — useful for modeling guidance and revenue composition but no new long?term guidance announced in headlines. GlobeNewswire Press Release
• Neutral Sentiment: Analyst positioning remains mildly constructive (consensus “Moderate Buy” and an average price target near the mid?teens), which can provide support if execution continues. Analyst Coverage Note
• Negative Sentiment: Insider selling: CEO Chad Robins disclosed sale of ~125k shares (~$2.3M at ~$18.44) and other insiders (Harlan Robins) sold additional shares this week — large insider sales can signal tax/liquidity moves but often weigh on near?term sentiment. SEC Filing (Insider Sales)
• Negative Sentiment: Despite the beat, Adaptive remains unprofitable (negative net margin and ROE), and investors may be focused on the path to consistent profitability and cash flow; that concern likely contributed to the stock decline today. MarketBeat Company Snapshot

Insiders Place Their Bets

In other news, insider Francis Lo sold 113,890 shares of Adaptive Biotechnologies stock in a transaction on Monday, December 15th. The shares were sold at an average price of $15.57, for a total value of $1,773,267.30. Following the transaction, the insider directly owned 315,978 shares of the company’s stock, valued at $4,919,777.46. The trade was a 26.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Sharon Benzeno sold 308,477 shares of Adaptive Biotechnologies stock in a transaction on Friday, November 21st. The shares were sold at an average price of $16.91, for a total transaction of $5,216,346.07. Following the completion of the transaction, the insider owned 296,791 shares in the company, valued at approximately $5,018,735.81. This represents a 50.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,610,316 shares of company stock worth $27,714,816. Insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC acquired a new stake in Adaptive Biotechnologies in the third quarter valued at about $133,000. Caxton Associates LLP acquired a new stake in shares of Adaptive Biotechnologies in the 1st quarter valued at approximately $93,000. Captrust Financial Advisors boosted its stake in shares of Adaptive Biotechnologies by 7.6% in the second quarter. Captrust Financial Advisors now owns 15,762 shares of the company’s stock valued at $184,000 after buying an additional 1,119 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in Adaptive Biotechnologies during the third quarter worth $238,000. Finally, Brevan Howard Capital Management LP purchased a new position in Adaptive Biotechnologies in the third quarter worth $246,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

About Adaptive Biotechnologies

Adaptive Biotechnologies is a clinical-stage biotechnology company that focuses on harnessing the adaptive immune system to transform the diagnosis and treatment of disease. Through proprietary immune receptor sequencing and analysis, the company decodes the genetic information of T-cell and B-cell receptors to identify signatures of immune response. Its core technology platform provides insights into immune-driven conditions, enabling more precise monitoring and targeted therapeutic development.

The company’s flagship product, immunoSEQ, offers high-throughput immune repertoire profiling for researchers and pharmaceutical partners.