Adaptive Biotechnologies (ADPT)
Market Price (5/10/2026): $13.81 | Market Cap: $2.1 BilSector: Health Care | Industry: Life Sciences Tools & Services
Adaptive Biotechnologies (ADPT)
Market Price (5/10/2026): $13.81Market Cap: $2.1 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 56% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Personalized Diagnostics, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -47 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -16% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7% Key risksADPT key risks include [1] a history of financial losses and an unproven path to profitability, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 56% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Personalized Diagnostics, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -47 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -16% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7% |
| Key risksADPT key risks include [1] a history of financial losses and an unproven path to profitability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Adaptive Biotechnologies (ADPT) stock has lost about 25% since 1/31/2026 because of the following key factors:
1. Significant Insider Selling. During the period, company insiders, including the CEO Chad Robins and Harlan S. Robins, engaged in substantial share sales totaling over $35 million. For instance, in mid-March 2026, Chad M. Robins and Harlan S. Robins collectively sold approximately 940,000 shares at $13.17 per share. This large volume of insider selling could have negatively impacted investor confidence and contributed to the stock's downward trend.
2. Weakness in Immune Medicine Segment and Termination of Key Collaboration. Adaptive Biotechnologies' Immune Medicine segment experienced a significant revenue decline of 26% to $3.8 million in the first quarter of 2026, resulting in an adjusted EBITDA loss of $10.4 million. This downturn is largely attributed to the formal termination of the multi-billion dollar Genentech collaboration on February 9, 2026, removing a substantial potential revenue stream and impacting the segment's outlook. The company anticipates an Immune Medicine cash burn of $15 million to $20 million for the full year 2026.
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1. Significant Insider Selling. During the period, company insiders, including the CEO Chad Robins and Harlan S. Robins, engaged in substantial share sales totaling over $35 million. For instance, in mid-March 2026, Chad M. Robins and Harlan S. Robins collectively sold approximately 940,000 shares at $13.17 per share. This large volume of insider selling could have negatively impacted investor confidence and contributed to the stock's downward trend.
2. Weakness in Immune Medicine Segment and Termination of Key Collaboration. Adaptive Biotechnologies' Immune Medicine segment experienced a significant revenue decline of 26% to $3.8 million in the first quarter of 2026, resulting in an adjusted EBITDA loss of $10.4 million. This downturn is largely attributed to the formal termination of the multi-billion dollar Genentech collaboration on February 9, 2026, removing a substantial potential revenue stream and impacting the segment's outlook. The company anticipates an Immune Medicine cash burn of $15 million to $20 million for the full year 2026.
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Stock Movement Drivers
Fundamental Drivers
The -25.4% change in ADPT stock from 1/31/2026 to 5/10/2026 was primarily driven by a -34.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.50 | 13.81 | -25.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 253 | 295 | 16.9% |
| P/S Multiple | 11.2 | 7.3 | -34.8% |
| Shares Outstanding (Mil) | 152 | 156 | -2.0% |
| Cumulative Contribution | -25.4% |
Market Drivers
1/31/2026 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ADPT | -25.4% | |
| Market (SPY) | 3.6% | 48.3% |
| Sector (XLV) | -6.9% | 42.3% |
Fundamental Drivers
The -20.4% change in ADPT stock from 10/31/2025 to 5/10/2026 was primarily driven by a -43.5% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.36 | 13.81 | -20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 205 | 295 | 43.9% |
| P/S Multiple | 12.9 | 7.3 | -43.5% |
| Shares Outstanding (Mil) | 152 | 156 | -2.2% |
| Cumulative Contribution | -20.4% |
Market Drivers
10/31/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ADPT | -20.4% | |
| Market (SPY) | 5.5% | 33.4% |
| Sector (XLV) | 0.3% | 30.4% |
Fundamental Drivers
The 87.6% change in ADPT stock from 4/30/2025 to 5/10/2026 was primarily driven by a 65.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.36 | 13.81 | 87.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 179 | 295 | 65.1% |
| P/S Multiple | 6.1 | 7.3 | 19.7% |
| Shares Outstanding (Mil) | 148 | 156 | -5.0% |
| Cumulative Contribution | 87.6% |
Market Drivers
4/30/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ADPT | 87.6% | |
| Market (SPY) | 30.4% | 35.8% |
| Sector (XLV) | 4.0% | 31.5% |
Fundamental Drivers
The 93.4% change in ADPT stock from 4/30/2023 to 5/10/2026 was primarily driven by a 59.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.14 | 13.81 | 93.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 185 | 295 | 59.4% |
| P/S Multiple | 5.5 | 7.3 | 31.9% |
| Shares Outstanding (Mil) | 143 | 156 | -8.0% |
| Cumulative Contribution | 93.4% |
Market Drivers
4/30/2023 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ADPT | 93.4% | |
| Market (SPY) | 78.7% | 34.4% |
| Sector (XLV) | 13.0% | 28.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADPT Return | -53% | -73% | -36% | 22% | 171% | -10% | -75% |
| Peers Return | -3% | -52% | 13% | 19% | 58% | 1% | -1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| ADPT Win Rate | 33% | 33% | 33% | 67% | 67% | 60% | |
| Peers Win Rate | 55% | 32% | 48% | 50% | 57% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| ADPT Max Drawdown | -57% | -78% | -55% | -52% | 0% | -24% | |
| Peers Max Drawdown | -14% | -62% | -24% | -31% | -26% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NTRA, GH, ILMN, TXG, QGEN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | ADPT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.5% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -56.0% | -9.5% |
| % Gain to Breakeven | 127.2% | 10.5% |
| Time to Breakeven | 436 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.5% | -6.7% |
| % Gain to Breakeven | 43.9% | 7.1% |
| Time to Breakeven | 665 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.4% | -33.7% |
| % Gain to Breakeven | 97.6% | 50.9% |
| Time to Breakeven | 51 days | 140 days |
In The Past
Adaptive Biotechnologies's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.
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Asset Allocation
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| Event | ADPT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.5% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -56.0% | -9.5% |
| % Gain to Breakeven | 127.2% | 10.5% |
| Time to Breakeven | 436 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.5% | -6.7% |
| % Gain to Breakeven | 43.9% | 7.1% |
| Time to Breakeven | 665 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.4% | -33.7% |
| % Gain to Breakeven | 97.6% | 50.9% |
| Time to Breakeven | 51 days | 140 days |
In The Past
Adaptive Biotechnologies's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Adaptive Biotechnologies (ADPT)
Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection. It also provides clonoSEQ, a clinical diagnostic product for the detection and monitoring of minimal residual disease in patients with multiple myeloma, B cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia, as well as available as a CLIA-validated laboratory developed test for patients with other lymphoid cancers; and immunoSEQ T-MAP COVID for vaccine developers and researchers to measure the T-cell immune response to vaccines. In addition, the company offers a pipeline of clinical products and services that are used for the diagnosing, monitoring, and treatment of diseases, such as cancer, autoimmune conditions, and infectious diseases. It serves the life sciences research, clinical diagnostics, and drug discovery applications. Adaptive Biotechnologies Corporation has strategic collaborations with Genentech, Inc. for the development, manufacture, and commercialization of neoantigen directed T cell therapies for the treatment of a range of cancers; and Microsoft Corporation to develop diagnostic tests for the early detection of various diseases from a single blood test. The company was formerly known as Adaptive TCR Corporation and changed its name to Adaptive Biotechnologies Corporation in December 2011. Adaptive Biotechnologies Corporation was incorporated in 2009 and is headquartered in Seattle, Washington.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Adaptive Biotechnologies (ADPT):
- Like Illumina, but specialized in "reading" the immune system's genetic code for disease detection and therapy.
- Like Guardant Health, but focused on immune sequencing to detect and monitor blood cancers and track overall immune responses.
- Like an "Ancestry.com for your immune system," mapping its history and current activity to reveal insights into health and disease.
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- immunoSEQ: A core immunosequencing platform and product used for translational research and discovering prognostic and diagnostic signals.
- T-Detect COVID: A diagnostic test for confirming past COVID-19 infection.
- clonoSEQ: A clinical diagnostic product for detecting and monitoring minimal residual disease in patients with various lymphoid cancers.
- immunoSEQ T-MAP COVID: A tool for vaccine developers and researchers to measure the T-cell immune response to vaccines.
- Clinical Products and Services Pipeline: A pipeline of clinical products and services under development for diagnosing, monitoring, and treating diseases like cancer, autoimmune conditions, and infectious diseases.
AI Analysis | Feedback
Adaptive Biotechnologies (ADPT) primarily sells its products and services to other companies and institutions rather than directly to individuals. Based on the company description, it serves customers in the following key categories:
Life Sciences Research & Academic Institutions: These customers utilize platforms like immunoSEQ for translational research questions, to discover new prognostic and diagnostic signals, and for other general research applications.
Biopharmaceutical Companies (Drug Discovery & Vaccine Developers): This category includes companies engaged in drug discovery and development. They use Adaptive's platforms, such as immunoSEQ T-MAP COVID, to measure T-cell immune responses to vaccines and for broader applications in identifying and validating therapeutic targets.
Clinical Diagnostic Laboratories & Healthcare Providers: These customers use Adaptive's clinical diagnostic products like clonoSEQ for the detection and monitoring of minimal residual disease in cancer patients, and T-Detect COVID for confirming past COVID-19 infections. While these tests are for individual patients, the direct customer is typically the clinic, hospital, or reference laboratory ordering and performing the tests.
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Chad Robins, Chief Executive Officer, Co-founder, Chairman of the BoardChad Robins co-founded Adaptive Biotechnologies in 2009. He led the company through its initial public offering in 2019. Prior to founding Adaptive, he held executive-level positions in medical technology, investment banking, real estate, and private equity companies. He has a background in finance and operations, and his brother Harlan Robins, called upon him to help raise initial capital and run Adaptive Biotechnologies.
Kyle Piskel, Chief Financial Officer
Kyle Piskel was appointed Chief Financial Officer of Adaptive Biotechnologies, effective April 8, 2024. He joined the company in 2015 and has held various finance and accounting positions of increasing responsibility, including Corporate Controller and Principal Accounting Officer. Before joining Adaptive, he worked at Expedia Group and Ernst & Young, LLP. He is a Certified Public Accountant.
Harlan Robins, PhD, Chief Scientific Officer & Co-founder
Dr. Harlan Robins is a co-founder of Adaptive Biotechnologies, which was spun out of the Fred Hutchinson Cancer Research Center in 2009. As a computational biologist, his expertise in high-throughput genomic sequencing technology was instrumental to Adaptive's founding. He previously served as Head of the Computational Biology Program at the Fred Hutchinson Cancer Research Center. Dr. Robins also held postdoctoral appointments at the Weizmann Institute of Science and the Institute for Advance Study in Princeton, where he focused on developing bioinformatic algorithms.
Julie Rubinstein, President & Chief Operating Officer
Julie Rubinstein serves as President of Adaptive Biotechnologies, a role she has held since 2011. She oversees Life Sciences Research, Clinical Diagnostics, Drug Discovery, Corporate Marketing, and Business Development functions. Ms. Rubinstein was part of the executive team that led the company through its initial public offering in 2019. Prior to her tenure at Adaptive, she held various worldwide commercial development roles at Pfizer Oncology, with a focus on cancer immunotherapy.
Sharon Benzeno, PhD, Chief Commercial Officer, Immune Medicine
Dr. Sharon Benzeno joined Adaptive Biotechnologies in 2014 and currently serves as the Chief Commercial Officer, Immune Medicine. She also leads the Drug Discovery group. Before joining Adaptive, Dr. Benzeno was a Senior Director at Elsevier Inc., a healthcare informatics company. Her prior experience includes co-leading the oncology business unit at Capgemini SE, a consulting and technology services company, and various management roles at AstraZeneca plc. She holds a PhD in Biomedical Sciences and an MBA in Finance and Leadership from New York University.
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Here are the key risks to Adaptive Biotechnologies (ADPT):- Ongoing Financial Losses and Path to Profitability: Adaptive Biotechnologies has consistently reported significant net losses and accumulated deficits, reflecting high development and commercialization costs. The company's ability to achieve and sustain profitability remains uncertain, despite its investments in its immune medicine platform and product validation.
- Intense Competition and Need for Continuous Innovation: The biotechnology and pharmaceutical industries are highly competitive, with numerous companies pursuing advancements in immune medicine. Adaptive Biotechnologies faces competition in its core areas, including minimal residual disease (MRD) detection and immune repertoire sequencing, from larger companies with greater resources and new market entrants. The company's long-term success hinges on its capacity for continuous innovation to maintain its competitive edge.
- Reliance on Strategic Collaborations and Regulatory Landscape: Adaptive Biotechnologies depends significantly on strategic collaborations with partners such as Genentech, Microsoft, NeoGenomics, BeiGene, and Takeda for the development, manufacture, and commercialization of its diagnostic and therapeutic products. The termination or alteration of these key partnerships, including a past termination with Genentech for cancer cell therapy research, could adversely affect its business. Additionally, operating in a heavily regulated industry means the company is subject to strict regulatory approval processes for its clinical products (e.g., clonoSEQ) and faces risks from potential changes in regulations or compliance violations.
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Adaptive Biotechnologies Corporation (ADPT) operates in several key markets with its primary products and services.
clonoSEQ
The addressable market for clonoSEQ, which is used for the detection and monitoring of minimal residual disease (MRD) in various lymphoid cancers, is substantial and growing.
- The global minimal residual disease testing market was valued at approximately USD 1.09 billion in 2021 and is projected to reach around USD 3.70 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.53% from 2022 to 2030.
- In the U.S. alone, the minimal residual disease testing market was estimated at USD 873.66 million in 2024 and is expected to continue growing through 2033.
- The market in the 7MM (United States, the EU-4 (Italy, Spain, France, and Germany), the United Kingdom, and Japan) was approximately USD 700 million in 2021.
immunoSEQ
The immunoSEQ platform, used for translational research and discovering new prognostic and diagnostic signals, falls within the immune repertoire sequencing market.
- The global immune repertoire sequencing market size was estimated at USD 328.2 million in 2024 and is projected to reach USD 894.2 million by 2033, with a CAGR of 11.89% from 2025 to 2033.
- North America held the largest share of the global immune repertoire sequencing market, accounting for 41.91% in 2024.
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Adaptive Biotechnologies (ADPT) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered on its Minimal Residual Disease (MRD) business, particularly the clonoSEQ platform. Here are the expected drivers of future revenue growth: * Increased Adoption and Expanded Utilization of clonoSEQ: Adaptive Biotechnologies anticipates significant growth in clonoSEQ test volumes, driven by increased adoption of blood-based testing and expanded use in community settings. The company aims for over 30% growth in clonoSEQ test volumes in 2026. This expansion is further supported by significant Electronic Medical Record (EMR) integrations, such as with Flatiron's OncoEMR, which broadens access in the community setting. The recognition of clonoSEQ as a standard for assessing minimal residual disease in various blood cancers, as highlighted by its increasing presence in clinical trials and inclusion in NCCN guidelines for conditions like Chronic Lymphocytic Leukemia (CLL), is also expected to enhance its market position and clinical adoption. * Growth in Average Selling Price (ASP) for clonoSEQ: The company has successfully increased its Average Selling Price for clonoSEQ and projects further increases. For instance, Adaptive Biotechnologies is targeting an average US clinical ASP of approximately $1,400 per test in 2026. This growth is attributed to strategic contract renegotiations and improved revenue cycle management, directly contributing to higher revenue per test performed. Additionally, a new Medicare reimbursement rate of $2,007 for clonoSEQ, effective January 1, 2025, reflects its value in patient care and is expected to further enhance its market reach by facilitating new payer agreements and expanding coverage. * Revenue from MRD Pharma Partnerships and Milestones: Adaptive Biotechnologies continues to generate revenue from its Minimal Residual Disease (MRD) pharma partnerships, including regulatory milestone payments. For the full year 2025, the company recognized $19.5 million in milestone revenue, with a reported backlog of approximately $210 million at year-end. Although the collaboration with Genentech is winding down, Adaptive Biotechnologies continues to engage in other pharma services and collaborations that leverage its immune medicine platform for drug discovery and development, providing ongoing, albeit potentially variable, revenue streams.AI Analysis | Feedback
```htmlShare Issuance
- Adaptive Biotechnologies has historically funded its operations through the sale of common stock. [5]
- The number of shares outstanding for Adaptive Biotechnologies increased to 154 million in Q4 2025, reflecting a 0.7% increase from the prior quarter. [6]
- In March 2026, the CEO, Chad M. Robins, received 709,220 shares and 127,813 shares of common stock from the vesting of performance share units granted in March 2023. [19] Additionally, President and COO Julie Rubinstein exercised stock options for 68,328 shares in March 2026. [1]
Inbound Investments
- Adaptive Biotechnologies recognized $19.5 million in MRD (Minimal Residual Disease) pharma regulatory milestone revenue for the full year 2025. [12]
- The company reported $6.5 million in MRD pharma regulatory milestone revenue in Q3 2025. [10]
- In December 2025, Adaptive Biotechnologies announced two non-exclusive immune receptor licensing agreements with Pfizer. [13, 20] The strategic collaboration and license agreement with Genentech was terminated. [1]
Capital Expenditures
- Adaptive Biotechnologies invested $636,000 in capital expenditures during Q4 2025 to fund long-term assets and infrastructure. [6]
- For the full year 2025, capital expenditures totaled $3.0 million. [6]
- The company implemented the NovaSeq X Plus platform for clonoSEQ clinical sequencing, indicating a primary focus on enhancing its diagnostic capabilities. [12]
Latest Trefis Analyses
Trade Ideas
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| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.31 |
| Mkt Cap | 9.7 |
| Rev LTM | 1,590 |
| Op Inc LTM | -63 |
| FCF LTM | 97 |
| FCF 3Y Avg | 9 |
| CFO LTM | 169 |
| CFO 3Y Avg | 64 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.7% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 28.9% |
| Op Inc Chg 3Y Avg | 14.0% |
| Op Mgn LTM | -12.7% |
| Op Mgn 3Y Avg | -22.1% |
| QoQ Delta Op Mgn LTM | 2.0% |
| CFO/Rev LTM | 14.2% |
| CFO/Rev 3Y Avg | 5.0% |
| FCF/Rev LTM | 11.0% |
| FCF/Rev 3Y Avg | 1.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.7 |
| P/S | 6.1 |
| P/Op Inc | -31.5 |
| P/EBIT | -7.7 |
| P/E | -36.1 |
| P/CFO | 15.2 |
| Total Yield | -0.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.0% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.3% |
| 3M Rtn | -5.2% |
| 6M Rtn | -1.9% |
| 12M Rtn | 70.1% |
| 3Y Rtn | 39.2% |
| 1M Excs Rtn | -9.0% |
| 3M Excs Rtn | -11.9% |
| 6M Excs Rtn | -10.0% |
| 12M Excs Rtn | 39.9% |
| 3Y Excs Rtn | -50.8% |
Price Behavior
Price Behavior
| Market Price | $13.81 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 06/27/2019 | |
| Distance from 52W High | -32.5% | |
| 50 Days | 200 Days | |
| DMA Price | $14.17 | $14.99 |
| DMA Trend | up | down |
| Distance from DMA | -2.6% | -7.9% |
| 3M | 1YR | |
| Volatility | 66.3% | 64.2% |
| Downside Capture | 1.24 | 0.97 |
| Upside Capture | 134.50 | 185.93 |
| Correlation (SPY) | 44.9% | 33.8% |
ADPT Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.39 | 2.68 | 2.06 | 1.78 | 2.09 | 1.74 |
| Up Beta | 3.94 | 3.56 | 2.54 | 2.76 | 2.91 | 1.71 |
| Down Beta | -0.50 | 3.56 | 2.84 | 1.14 | 1.00 | 0.94 |
| Up Capture | 145% | 154% | 101% | 135% | 374% | 1761% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 23 | 33 | 59 | 127 | 358 |
| Down Capture | 673% | 250% | 209% | 161% | 154% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 19 | 30 | 65 | 120 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADPT | |
|---|---|---|---|---|
| ADPT | 53.5% | 64.4% | 0.92 | - |
| Sector ETF (XLV) | 7.9% | 15.4% | 0.30 | 29.5% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 34.6% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 11.2% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -16.4% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 16.1% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADPT | |
|---|---|---|---|---|
| ADPT | -18.7% | 77.9% | 0.07 | - |
| Sector ETF (XLV) | 4.9% | 14.6% | 0.16 | 34.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 44.3% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 9.0% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 3.5% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 39.7% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 22.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADPT | |
|---|---|---|---|---|
| ADPT | -10.4% | 76.6% | 0.13 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 33.5% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 41.2% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 9.7% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 6.5% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 33.7% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 22.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 4.7% | ||
| 2/5/2026 | -4.3% | -5.6% | -9.2% |
| 11/5/2025 | -11.5% | -17.6% | -15.0% |
| 8/5/2025 | 5.8% | 14.6% | 17.8% |
| 5/1/2025 | 33.7% | 26.0% | 29.8% |
| 2/11/2025 | -3.2% | 7.3% | -8.1% |
| 11/7/2024 | 3.4% | -0.9% | 14.4% |
| 8/1/2024 | -3.4% | -1.1% | 5.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 9 | 12 |
| # Negative | 11 | 15 | 12 |
| Median Positive | 5.2% | 14.6% | 8.5% |
| Median Negative | -5.3% | -6.1% | -15.0% |
| Max Positive | 33.7% | 27.6% | 29.8% |
| Max Negative | -18.2% | -29.8% | -33.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 MRD Revenue | 260.00 Mil | 265.00 Mil | 270.00 Mil | 1.9% | Raised | Guidance: 260.00 Mil for 2026 | |
| 2026 Total Operating Expenses | 350.00 Mil | 355.00 Mil | 360.00 Mil | 0 | Affirmed | Guidance: 355.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 MRD Revenue | 255.00 Mil | 260.00 Mil | 265.00 Mil | 27.1% | Raised | Guidance: 204.50 Mil for 2025 | |
| 2026 Operating Expenses | 350.00 Mil | 355.00 Mil | 360.00 Mil | 5.2% | Raised | Guidance: 337.50 Mil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rubinstein, Julie | President and COO | Direct | Sell | 4292026 | 14.23 | 19,037 | 270,897 | 5,376,122 | Form |
| 2 | Rubinstein, Julie | President and COO | Direct | Sell | 4242026 | 14.02 | 19,060 | 267,221 | 5,357,491 | Form |
| 3 | Rubinstein, Julie | President and COO | Direct | Sell | 4242026 | 13.74 | 19,060 | 261,884 | 5,310,098 | Form |
| 4 | Rubinstein, Julie | President and COO | Direct | Sell | 4242026 | 14.13 | 19,060 | 269,318 | 5,522,117 | Form |
| 5 | Rubinstein, Julie | President and COO | Direct | Sell | 4212026 | 14.66 | 30,941 | 453,595 | 5,792,840 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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