Adaptive Biotechnologies (ADPT)
Market Price (11/9/2026): $27.43 | Market Cap: $4.4 BilSector: Health Care | Industry: Life Sciences Tools & Services
Adaptive Biotechnologies (ADPT)
Market Price (11/9/2026): $27.43Market Cap: $4.4 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
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 -48 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -16% Stock price has recently run up significantly6M Rtn6 month market price return is 103% Weak revenue growthRev Chg QQuarterly Revenue Change % is -11% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.0% 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 -7.0% Key risksADPT key risks include [1] a history of financial losses and an unproven path to profitability, Show more. |
| 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 -48 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -16% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 103% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -11% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.0% |
| 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 -7.0% |
| Key risksADPT key risks include [1] a history of financial losses and an unproven path to profitability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 11/6/2026
Adaptive Biotechnologies (ADPT) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Adaptive Biotechnologies surpassed analyst expectations for its fiscal Q3 2026 financial results, reporting a GAAP net income of $2.8 million and achieving total company profitability ahead of schedule, alongside a positive adjusted EBITDA of $14.3 million.
The company reported diluted earnings per share (EPS) of $0.02, significantly beating the consensus estimate of a loss of $0.10 per share by $0.12. Additionally, total revenue reached $83.9 million, exceeding analyst forecasts of $71.57 million. When excluding revenue from a prior Genentech agreement, total revenue increased by 39% year-over-year.
2. The company's Minimal Residual Disease (MRD) business demonstrated robust growth and saw its full-year fiscal 2026 revenue guidance raised.
MRD revenue, which constituted 86% of total revenue, increased 28% year-over-year, or 44% when excluding prior-year milestones, to $72.6 million in fiscal Q3 2026. Clinical testing volume for its flagship clonoSEQ® assay surged 46% year-over-year, with approximately 40,000 tests delivered in the quarter, a 10% sequential increase. Consequently, Adaptive Biotechnologies raised its full-year fiscal 2026 MRD revenue guidance to a range of $276 million to $286 million, up from the previous range of $268 million to $278 million, implying approximately 41% growth excluding milestones. The company also increased its full-year clinical volume growth target to approximately 42% from its prior projection of 38% to 40%.
Show more
Adaptive Biotechnologies (ADPT) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Adaptive Biotechnologies surpassed analyst expectations for its fiscal Q3 2026 financial results, reporting a GAAP net income of $2.8 million and achieving total company profitability ahead of schedule, alongside a positive adjusted EBITDA of $14.3 million.
The company reported diluted earnings per share (EPS) of $0.02, significantly beating the consensus estimate of a loss of $0.10 per share by $0.12. Additionally, total revenue reached $83.9 million, exceeding analyst forecasts of $71.57 million. When excluding revenue from a prior Genentech agreement, total revenue increased by 39% year-over-year.
2. The company's Minimal Residual Disease (MRD) business demonstrated robust growth and saw its full-year fiscal 2026 revenue guidance raised.
MRD revenue, which constituted 86% of total revenue, increased 28% year-over-year, or 44% when excluding prior-year milestones, to $72.6 million in fiscal Q3 2026. Clinical testing volume for its flagship clonoSEQ® assay surged 46% year-over-year, with approximately 40,000 tests delivered in the quarter, a 10% sequential increase. Consequently, Adaptive Biotechnologies raised its full-year fiscal 2026 MRD revenue guidance to a range of $276 million to $286 million, up from the previous range of $268 million to $278 million, implying approximately 41% growth excluding milestones. The company also increased its full-year clinical volume growth target to approximately 42% from its prior projection of 38% to 40%.
Show more
Updated on 11/6/2026
Adaptive Biotechnologies (ADPT) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Adaptive Biotechnologies surpassed analyst expectations for its fiscal Q3 2026 financial results, reporting a GAAP net income of $2.8 million and achieving total company profitability ahead of schedule, alongside a positive adjusted EBITDA of $14.3 million.
The company reported diluted earnings per share (EPS) of $0.02, significantly beating the consensus estimate of a loss of $0.10 per share by $0.12. Additionally, total revenue reached $83.9 million, exceeding analyst forecasts of $71.57 million. When excluding revenue from a prior Genentech agreement, total revenue increased by 39% year-over-year.
2. The company's Minimal Residual Disease (MRD) business demonstrated robust growth and saw its full-year fiscal 2026 revenue guidance raised.
MRD revenue, which constituted 86% of total revenue, increased 28% year-over-year, or 44% when excluding prior-year milestones, to $72.6 million in fiscal Q3 2026. Clinical testing volume for its flagship clonoSEQ® assay surged 46% year-over-year, with approximately 40,000 tests delivered in the quarter, a 10% sequential increase. Consequently, Adaptive Biotechnologies raised its full-year fiscal 2026 MRD revenue guidance to a range of $276 million to $286 million, up from the previous range of $268 million to $278 million, implying approximately 41% growth excluding milestones. The company also increased its full-year clinical volume growth target to approximately 42% from its prior projection of 38% to 40%.
3. Strategic advancements and favorable industry guidelines bolstered investor confidence in the long-term potential of its clonoSEQ platform.
Adaptive Biotechnologies submitted a technical assessment to MolDX seeking an additional Medicare bundle for maintenance testing in multiple myeloma, a move aimed at expanding reimbursement coverage and increasing average selling prices. Concurrently, updated NCCN Guidelines® established a dedicated framework for MRD assessment in multiple myeloma, including annual testing during maintenance, and the International Myeloma Working Group introduced a new definition of cure requiring sustained MRD negativity. These developments are expected to significantly amplify the demand for MRD testing, reinforcing clonoSEQ's market position. Additionally, the company is progressing with the separation of its Immune Medicine business, with a strategic update anticipated by the end of fiscal year 2026, which could unlock further value.
Show less
Adaptive Biotechnologies (ADPT) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Adaptive Biotechnologies surpassed analyst expectations for its fiscal Q3 2026 financial results, reporting a GAAP net income of $2.8 million and achieving total company profitability ahead of schedule, alongside a positive adjusted EBITDA of $14.3 million.
The company reported diluted earnings per share (EPS) of $0.02, significantly beating the consensus estimate of a loss of $0.10 per share by $0.12. Additionally, total revenue reached $83.9 million, exceeding analyst forecasts of $71.57 million. When excluding revenue from a prior Genentech agreement, total revenue increased by 39% year-over-year.
2. The company's Minimal Residual Disease (MRD) business demonstrated robust growth and saw its full-year fiscal 2026 revenue guidance raised.
MRD revenue, which constituted 86% of total revenue, increased 28% year-over-year, or 44% when excluding prior-year milestones, to $72.6 million in fiscal Q3 2026. Clinical testing volume for its flagship clonoSEQ® assay surged 46% year-over-year, with approximately 40,000 tests delivered in the quarter, a 10% sequential increase. Consequently, Adaptive Biotechnologies raised its full-year fiscal 2026 MRD revenue guidance to a range of $276 million to $286 million, up from the previous range of $268 million to $278 million, implying approximately 41% growth excluding milestones. The company also increased its full-year clinical volume growth target to approximately 42% from its prior projection of 38% to 40%.
3. Strategic advancements and favorable industry guidelines bolstered investor confidence in the long-term potential of its clonoSEQ platform.
Adaptive Biotechnologies submitted a technical assessment to MolDX seeking an additional Medicare bundle for maintenance testing in multiple myeloma, a move aimed at expanding reimbursement coverage and increasing average selling prices. Concurrently, updated NCCN Guidelines® established a dedicated framework for MRD assessment in multiple myeloma, including annual testing during maintenance, and the International Myeloma Working Group introduced a new definition of cure requiring sustained MRD negativity. These developments are expected to significantly amplify the demand for MRD testing, reinforcing clonoSEQ's market position. Additionally, the company is progressing with the separation of its Immune Medicine business, with a strategic update anticipated by the end of fiscal year 2026, which could unlock further value.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 24.0% change in ADPT stock from 7/31/2026 to 11/8/2026 was primarily driven by a 26.7% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.57 | 27.98 | 24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 295 | 298 | 0.9% |
| P/S Multiple | 11.9 | 15.1 | 26.7% |
| Shares Outstanding (Mil) | 156 | 160 | -3.0% |
| Cumulative Contribution | 24.0% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ADPT | 24.0% | |
| Market (SPY) | -1.6% | 28.9% |
| Sector (XLV) | 13.7% | 15.5% |
Fundamental Drivers
The 98.4% change in ADPT stock from 4/30/2026 to 11/8/2026 was primarily driven by a 93.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.10 | 27.98 | 98.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 277 | 298 | 7.6% |
| P/S Multiple | 7.8 | 15.1 | 93.2% |
| Shares Outstanding (Mil) | 153 | 160 | -4.5% |
| Cumulative Contribution | 98.4% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ADPT | 98.4% | |
| Market (SPY) | 2.6% | 29.0% |
| Sector (XLV) | 27.1% | 18.3% |
Fundamental Drivers
The 61.2% change in ADPT stock from 10/31/2025 to 11/8/2026 was primarily driven by a 45.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.36 | 27.98 | 61.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 205 | 298 | 45.2% |
| P/S Multiple | 12.9 | 15.1 | 17.1% |
| Shares Outstanding (Mil) | 152 | 160 | -5.2% |
| Cumulative Contribution | 61.2% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ADPT | 61.2% | |
| Market (SPY) | 8.7% | 31.3% |
| Sector (XLV) | 29.8% | 24.4% |
Fundamental Drivers
The 530.2% change in ADPT stock from 10/31/2023 to 11/8/2026 was primarily driven by a 345.4% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.44 | 27.98 | 530.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 190 | 298 | 57.2% |
| P/S Multiple | 3.4 | 15.1 | 345.4% |
| Shares Outstanding (Mil) | 144 | 160 | -10.0% |
| Cumulative Contribution | 530.2% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ADPT | 530.2% | |
| Market (SPY) | 81.9% | 34.2% |
| Sector (XLV) | 55.4% | 26.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADPT Return | -53% | -73% | -36% | 22% | 171% | 72% | -53% |
| Peers Return | 5% | -54% | 15% | 18% | 61% | 86% | 95% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ADPT Win Rate | 33% | 33% | 33% | 67% | 67% | 73% | |
| Peers Win Rate | 60% | 28% | 53% | 48% | 53% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ADPT Max Drawdown | -63% | -78% | -66% | -52% | -28% | -35% | |
| Peers Max Drawdown | -33% | -63% | -44% | -37% | -39% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NTRA, GH, ILMN, TXG, TMO.
[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 11/6/2026 (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 |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -78.3% | -24.5% |
| % Gain to Breakeven | 361.7% | 32.4% |
| Time to Breakeven | 1441 days | 427 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.
| 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 |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -78.3% | -24.5% |
| % Gain to Breakeven | 361.7% | 32.4% |
| Time to Breakeven | 1441 days | 427 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 (ADPT) is a commercial-stage company specializing in immune medicine, leveraging a proprietary immunosequencing platform to diagnose, monitor, and treat various diseases. The company's core technology analyzes the adaptive immune system, specifically the T-cell and B-cell receptors, to generate insights into disease states and therapeutic responses. This approach allows for a deep understanding of the body's immune reaction to illnesses such as cancer, autoimmune conditions, and infectious diseases.
The company's main products and services include immunoSEQ, a platform for translational research and discovering diagnostic signals, and clonoSEQ, a clinical diagnostic test used to detect and monitor minimal residual disease (MRD) in patients with specific blood cancers like multiple myeloma, B-cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia. Additionally, Adaptive offers T-Detect COVID for confirming past COVID-19 infections and immunoSEQ T-MAP COVID for vaccine developers to measure T-cell immune responses to vaccines. Beyond these, the company is developing a pipeline of clinical products and services aimed at broader diagnostic and therapeutic applications.
Adaptive Biotechnologies serves a broad range of customers and markets, including life sciences research, clinical diagnostics, and drug discovery applications. The company has established key strategic collaborations that extend its reach into new areas. Notably, it partners with Genentech to develop neoantigen-directed T-cell therapies for various cancers and with Microsoft to create advanced diagnostic tests for the early detection of diseases from a single blood test, highlighting its commitment to advancing immune-driven medicine.
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
null
AI Analysis | Feedback
Chad Robins, Chief Executive Officer, Co-founder, Chairman of the Board
Chad 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.
Chad 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
null
AI Analysis | Feedback
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.
AI Analysis | Feedback
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
```html
Share 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]
Peer Outperformance in Life Sciences Tools & Services
ADPT has outperformed 79% of its 107 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it are AXGN and CDNA. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that ADPT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
93%
of 124 industry peers · 89.2% return
3Y
93%
of 113 industry peers · 552.2% return
5Y
79%
of 107 industry peers · -23.3% return
Life Sciences Tools & Services peers with revenue growth within 4pp of ADPT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ADPT | Adaptive Biotechnologies | 19.7% | -63.6x | 89.2% | 552.2% | -23.3% | — |
| AXGN | Axogen | 20.6% | -86.4x | 112.2% | 890.5% | 249.3% | +273pp |
| CDNA | CareDx | 19.6% | 31.8x | 402.9% | 989.6% | 64.4% | +88pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is ADPT's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 6.4% | 56.1% | 94.3% | CAH 506% · MCK 394% · COR 179% |
| Health Care Services | 20 | 32.4% | 25.6% | 7.4% | HIMS 208% · RDNT 127% · DGX 98% |
| Managed Health Care | 8 | 55.2% | -1.8% | -2.7% | OSCR 86% · HQY 50% · ELV 7% |
| Health Care Facilities | 26 | 16.4% | 22.6% | -8.9% | THC 277% · NHC 227% · EHC 177% |
| Health Care Equipment | 50 | 4.0% | 18.3% | -16.3% | UFPT 356% · GKOS 318% · TMDX 175% |
| Pharmaceuticals | 60 | -8.6% | 18.7% | -39.8% | LQDA 933% · XERS 649% · KNSA 543% |
| Health Care Supplies | 11 | 23.1% | 19.5% | -41.3% | LNTH 242% · HAE 69% · MMSI 25% |
| Life Sciences Tools & Services ← | 108 | -6.4% | -14.5% | -74.1% | AXGN 249% · MEDP 191% · NTRA 166% |
| Biotechnology | 365 | -23.8% | -29.2% | -81.7% | ELVN 1232% · TRVI 1075% · DNTH 1069% |
| Health Care Technology | 21 | -21.7% | -47.8% | -83.1% | VEEV -5% · DOCS -54% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 182.88 |
| Mkt Cap | 26.4 |
| Rev LTM | 2,094 |
| Op Inc LTM | -62 |
| FCF LTM | 63 |
| FCF 3Y Avg | 47 |
| CFO LTM | 156 |
| CFO 3Y Avg | 110 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.1% |
| Rev Chg 3Y Avg | 11.4% |
| Rev Chg Q | 6.6% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 23.8% |
| Op Inc Chg 3Y Avg | 17.8% |
| Op Mgn LTM | -10.6% |
| Op Mgn 3Y Avg | -17.4% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 11.7% |
| CFO/Rev 3Y Avg | 9.0% |
| FCF/Rev LTM | 8.1% |
| FCF/Rev 3Y Avg | 5.8% |
Price Behavior
Price Behavior
| Market Price | $27.98 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 06/27/2019 | |
| Distance from 52W High | -6.2% | |
| 50 Days | 200 Days | |
| DMA Price | $26.42 | $19.82 |
| DMA Trend | up | up |
| Distance from DMA | 5.9% | 41.2% |
| 3M | 1YR | |
| Volatility | 51.1% | 67.3% |
| Downside Capture | 84.88 | 103.60 |
| Upside Capture | 168.64 | 148.69 |
| Correlation (S&P 500) | 22.9% | 31.3% |
ADPT Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.50 | 1.25 | 1.60 | 1.56 | 1.71 | 1.72 |
| Up Beta | 10.08 | 0.38 | 1.46 | 2.11 | 2.52 | 1.75 |
| Down Beta | 2.09 | 3.47 | 2.68 | 1.83 | 1.51 | 1.15 |
| Up Capture | 175% | 95% | 182% | 242% | 227% | 2110% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 22 | 33 | 65 | 124 | 367 |
| Down Capture | 253% | 34% | 84% | 52% | 117% | 111% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 21 | 31 | 61 | 126 | 375 |
[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 | 59.4% | 67.3% | 0.96 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 24.5% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 31.0% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 16.3% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -19.2% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 6.8% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 9.8% |
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 | -3.9% | 78.7% | 0.29 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 33.4% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 44.2% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 11.0% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 1.8% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 38.5% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 23.9% |
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 | -3.8% | 75.6% | 0.26 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 32.7% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 40.7% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 11.0% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 5.3% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 32.5% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 22.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 0.4% | ||
| 7/29/2026 | 7.2% | 9.0% | 17.2% |
| 5/5/2026 | 4.7% | -1.1% | 31.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 8 | 12 |
| # Negative | 9 | 16 | 12 |
| Median Positive | 5.2% | 15.5% | 15.8% |
| Median Negative | -5.3% | -5.9% | -15.0% |
| Max Positive | 33.7% | 27.6% | 31.2% |
| Max Negative | -18.2% | -29.8% | -33.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 0.4% | ||
| 7/29/2026 | 7.2% | 9.0% | 17.2% |
| 5/5/2026 | 4.7% | -1.1% | 31.2% |
| 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% |
| 5/7/2024 | 2.3% | 27.3% | 25.4% |
| 2/14/2024 | 0.5% | -1.5% | -17.8% |
| 11/9/2023 | -18.2% | -6.1% | 7.0% |
| 8/2/2023 | -12.4% | -18.5% | -14.9% |
| 5/3/2023 | -14.3% | -5.1% | -0.5% |
| 2/14/2023 | 15.6% | 1.7% | -3.2% |
| 11/3/2022 | 14.3% | 16.5% | 6.0% |
| 8/3/2022 | 14.9% | 27.6% | -9.7% |
| 5/4/2022 | -4.3% | -29.8% | -25.0% |
| 2/15/2022 | 5.2% | -12.3% | -15.5% |
| 11/3/2021 | 5.2% | -4.5% | -27.6% |
| 8/4/2021 | 0.9% | -12.6% | 5.0% |
| 5/5/2021 | 3.2% | -7.2% | 1.3% |
| 2/24/2021 | -5.3% | -14.1% | -33.8% |
| 11/10/2020 | 10.3% | -2.7% | 17.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 8 | 12 |
| # Negative | 9 | 16 | 12 |
| Median Positive | 5.2% | 15.5% | 15.8% |
| Median Negative | -5.3% | -5.9% | -15.0% |
| Max Positive | 33.7% | 27.6% | 31.2% |
| Max Negative | -18.2% | -29.8% | -33.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 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 |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 MRD Revenue | Reported | 276.00 Mil | 281.00 Mil | 286.00 Mil | 2.9% | Raised | Guidance: 273.00 Mil for 2026 | |
| 2026 MRD Revenue Growth | Reported | 30.0% | 32.5% | 35.0% | ||||
| 2026 Operating Expenses | Reported | 350.00 Mil | -0.7% | Lowered | Guidance: 352.50 Mil for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 MRD Revenue | Reported | 268.00 Mil | 273.00 Mil | 278.00 Mil | 3.0% | Raised | Guidance: 265.00 Mil for 2026 | |
| 2026 Total Operating Expenses | Reported | 350.00 Mil | 352.50 Mil | 355.00 Mil | -0.7% | Lowered | Guidance: 355.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 MRD Revenue | Reported | 260.00 Mil | 265.00 Mil | 270.00 Mil | 1.9% | Raised | Guidance: 260.00 Mil for 2026 | |
| 2026 Total Operating Expenses | Reported | 350.00 Mil | 355.00 Mil | 360.00 Mil | 0 | Affirmed | Guidance: 355.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 MRD Revenue | Reported | 255.00 Mil | 260.00 Mil | 265.00 Mil | 27.1% | Higher New | Guidance: 204.50 Mil for 2025 | |
| 2026 Operating Expenses | Reported | 350.00 Mil | 355.00 Mil | 360.00 Mil | 5.2% | Higher New | Guidance: 337.50 Mil for 2025 | |
Insider Activity
Updated 11/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rubinstein, Julie | President and COO | Direct | Sell | 11062026 | 27.48 | 11,881 | 326,538 | 10,383,538 | Form |
| 2 | Rubinstein, Julie | President and COO | Direct | Sell | 11062026 | 26.53 | 11,881 | 315,149 | 10,021,372 | Form |
| 3 | Rubinstein, Julie | President and COO | Direct | Sell | 11062026 | 26.32 | 11,881 | 312,755 | 9,945,233 | Form |
| 4 | Rubinstein, Julie | President and COO | Direct | Sell | 11032026 | 25.98 | 11,881 | 308,668 | 9,815,296 | Form |
| 5 | Rubinstein, Julie | President and COO | Direct | Sell | 11032026 | 25.47 | 11,881 | 302,627 | 9,623,186 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rubinstein, Julie | President and COO | Direct | Sell | 11062026 | 27.48 | 11,881 | 326,538 | 10,383,538 | Form |
| 2 | Rubinstein, Julie | President and COO | Direct | Sell | 11062026 | 26.53 | 11,881 | 315,149 | 10,021,372 | Form |
| 3 | Rubinstein, Julie | President and COO | Direct | Sell | 11062026 | 26.32 | 11,881 | 312,755 | 9,945,233 | Form |
| 4 | Rubinstein, Julie | President and COO | Direct | Sell | 11032026 | 25.98 | 11,881 | 308,668 | 9,815,296 | Form |
| 5 | Rubinstein, Julie | President and COO | Direct | Sell | 11032026 | 25.47 | 11,881 | 302,627 | 9,623,186 | Form |
| 6 | Rubinstein, Julie | President and COO | Direct | Sell | 11032026 | 26.73 | 11,881 | 317,596 | 10,099,185 | Form |
| 7 | Rubinstein, Julie | President and COO | Direct | Sell | 10292026 | 28.27 | 11,881 | 335,876 | 10,680,463 | Form |
| 8 | Rubinstein, Julie | President and COO | Direct | Sell | 10292026 | 28.45 | 11,881 | 337,988 | 10,747,614 | Form |
| 9 | Rubinstein, Julie | President and COO | Direct | Sell | 10292026 | 27.29 | 11,881 | 324,234 | 10,310,262 | Form |
| 10 | Rubinstein, Julie | President and COO | Direct | Sell | 10262026 | 26.04 | 11,881 | 309,409 | 9,838,854 | Form |
| 11 | Rubinstein, Julie | President and COO | Direct | Sell | 10262026 | 24.98 | 11,881 | 296,842 | 9,439,221 | Form |
| 12 | Rubinstein, Julie | President and COO | Direct | Sell | 10262026 | 24.51 | 11,881 | 291,206 | 9,260,006 | Form |
| 13 | Rubinstein, Julie | President and COO | Direct | Sell | 10212026 | 25.41 | 11,881 | 301,877 | 9,599,354 | Form |
| 14 | Rubinstein, Julie | President and COO | Direct | Sell | 10212026 | 24.53 | 11,881 | 291,473 | 9,268,501 | Form |
| 15 | Rubinstein, Julie | President and COO | Direct | Sell | 10212026 | 24.05 | 11,881 | 285,738 | 9,086,138 | Form |
| 16 | Rubinstein, Julie | President and COO | Direct | Sell | 10162026 | 24.24 | 11,881 | 288,011 | 9,158,416 | Form |
| 17 | Rubinstein, Julie | President and COO | Direct | Sell | 10162026 | 25.61 | 11,881 | 304,272 | 9,675,509 | Form |
| 18 | Rubinstein, Julie | President and COO | Direct | Sell | 10162026 | 25.68 | 11,881 | 305,072 | 9,700,941 | Form |
| 19 | Rubinstein, Julie | President and COO | Direct | Sell | 10132026 | 25.50 | 11,881 | 302,966 | 9,633,951 | Form |
| 20 | Rubinstein, Julie | President and COO | Direct | Sell | 10132026 | 25.51 | 11,881 | 303,127 | 9,639,098 | Form |
| 21 | Rubinstein, Julie | President and COO | Direct | Sell | 10132026 | 26.41 | 11,881 | 313,777 | 9,977,751 | Form |
| 22 | Rubinstein, Julie | President and COO | Direct | Sell | 10082026 | 25.66 | 11,881 | 304,866 | 9,694,399 | Form |
| 23 | Rubinstein, Julie | President and COO | Direct | Sell | 10082026 | 26.40 | 11,881 | 313,658 | 9,973,973 | Form |
| 24 | Rubinstein, Julie | President and COO | Direct | Sell | 10082026 | 27.75 | 11,881 | 329,698 | 10,484,024 | Form |
| 25 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 10082026 | 30.00 | 6,444 | 193,320 | 11,680,500 | Form |
| 26 | Rubinstein, Julie | President and COO | Direct | Sell | 10052026 | 29.19 | 11,881 | 346,815 | 11,028,318 | Form |
| 27 | Rubinstein, Julie | President and COO | Direct | Sell | 10052026 | 28.13 | 11,881 | 334,213 | 10,627,570 | Form |
| 28 | Rubinstein, Julie | President and COO | Direct | Sell | 10052026 | 28.05 | 11,881 | 333,301 | 10,598,590 | Form |
| 29 | Lo, Francis | Chief People Officer | Direct | Sell | 10052026 | 28.28 | 26,792 | 757,697 | 6,246,275 | Form |
| 30 | Lo, Francis | Chief People Officer | Direct | Sell | 9182026 | 28.06 | 115,406 | 3,238,004 | 6,196,976 | Form |
| 31 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 9172026 | 27.00 | 1,195 | 32,265 | 10,686,438 | Form |
| 32 | Owen, Katey Einterz | Direct | Sell | 8282026 | 26.00 | 9,615 | 249,990 | 2,044,614 | Form | |
| 33 | Robins, Chad M | CEO and Chairman | Direct | Sell | 8192026 | 24.48 | 278,676 | 6,822,123 | 53,380,134 | Form |
| 34 | Robins, Chad M | CEO and Chairman | Direct | Sell | 8192026 | 25.08 | 321,324 | 8,060,043 | 54,695,787 | Form |
| 35 | Neupert, Peter M | Direct | Sell | 8192026 | 25.15 | 124,690 | 3,135,850 | 3,285,111 | Form | |
| 36 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 8122026 | 25.00 | 3,000 | 75,000 | 9,924,725 | Form |
| 37 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 8032026 | 24.00 | 1,299 | 31,176 | 9,599,736 | Form |
| 38 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 7232026 | 21.89 | 492,400 | 10,780,409 | 17,778,873 | Form |
| 39 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 7202026 | 23.00 | 5,000 | 115,000 | 9,229,624 | Form |
| 40 | Lo, Francis | Chief People Officer | Direct | Sell | 7172026 | 22.59 | 105,762 | 2,389,164 | 5,211,807 | Form |
| 41 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 7072026 | 22.01 | 386,240 | 8,501,149 | 22,442,689 | Form |
| 42 | Lo, Francis | Chief People Officer | Direct | Sell | 7062026 | 22.59 | 44,838 | 1,012,890 | 5,211,807 | Form |
| 43 | Lo, Francis | Chief People Officer | Direct | Sell | 7062026 | 22.45 | 51,004 | 1,144,792 | 5,334,942 | Form |
| 44 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 7062026 | 22.00 | 487 | 10,714 | 8,938,336 | Form |
| 45 | Benzeno, Sharon | Chief Commercial Ofc Imm Med | Direct | Sell | 6302026 | 21.14 | 154,768 | 3,271,796 | 4,677,817 | Form |
| 46 | Benzeno, Sharon | Chief Commercial Ofc Imm Med | Direct | Sell | 6302026 | 21.00 | 11,034 | 231,714 | 5,727,771 | Form |
| 47 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 6292026 | 20.50 | 5,000 | 102,500 | 8,338,888 | Form |
| 48 | Griffin, Michelle Renee | Direct | Sell | 6292026 | 20.18 | 52,084 | 1,051,055 | 315,312 | Form | |
| 49 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 6172026 | 18.01 | 6,160 | 110,942 | 25,320,223 | Form |
| 50 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 6172026 | 17.37 | 100,000 | 1,737,000 | 24,527,447 | Form |
| 51 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 6152026 | 19.00 | 5,000 | 95,000 | 7,823,725 | Form |
| 52 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 6082026 | 18.00 | 11,000 | 198,000 | 7,501,950 | Form |
| 53 | Lo, Francis | Chief People Officer | Direct | Sell | 6042026 | 17.49 | 39,741 | 695,070 | 4,388,836 | Form |
| 54 | Piskel, Kyle | Chief Financial Officer | Direct | Sell | 5202026 | 13.04 | 3,115 | 40,620 | 3,347,694 | Form |
| 55 | Rubinstein, Julie | President and COO | Direct | Sell | 4292026 | 14.23 | 19,037 | 270,897 | 5,376,122 | Form |
| 56 | Rubinstein, Julie | President and COO | Direct | Sell | 4242026 | 14.02 | 19,060 | 267,221 | 5,357,491 | Form |
| 57 | Rubinstein, Julie | President and COO | Direct | Sell | 4242026 | 13.74 | 19,060 | 261,884 | 5,310,098 | Form |
| 58 | Rubinstein, Julie | President and COO | Direct | Sell | 4242026 | 14.13 | 19,060 | 269,318 | 5,522,117 | Form |
| 59 | Rubinstein, Julie | President and COO | Direct | Sell | 4212026 | 14.66 | 30,941 | 453,595 | 5,792,840 | Form |
| 60 | Rubinstein, Julie | President and COO | Direct | Sell | 4212026 | 14.55 | 19,060 | 277,323 | 5,812,492 | Form |
| 61 | Rubinstein, Julie | President and COO | Direct | Sell | 4212026 | 14.57 | 19,060 | 277,704 | 5,883,687 | Form |
| 62 | Rubinstein, Julie | President and COO | Direct | Sell | 4162026 | 14.18 | 19,060 | 270,271 | 5,787,709 | Form |
| 63 | Rubinstein, Julie | President and COO | Direct | Sell | 4162026 | 14.61 | 19,060 | 278,467 | 6,026,596 | Form |
| 64 | Rubinstein, Julie | President and COO | Direct | Sell | 4162026 | 14.56 | 19,060 | 277,514 | 6,069,132 | Form |
| 65 | Rubinstein, Julie | President and COO | Direct | Sell | 4132026 | 13.15 | 19,060 | 250,599 | 5,537,553 | Form |
| 66 | Rubinstein, Julie | President and COO | Direct | Sell | 4132026 | 12.77 | 19,060 | 243,307 | 5,431,797 | Form |
| 67 | Rubinstein, Julie | President and COO | Direct | Sell | 4132026 | 13.86 | 19,060 | 264,202 | 5,958,416 | Form |
| 68 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 4102026 | 14.85 | 10,000 | 148,500 | 22,454,061 | Form |
| 69 | Lo, Francis | Chief People Officer | Direct | Sell | 4102026 | 15.07 | 22,564 | 340,039 | 4,086,291 | Form |
| 70 | Rubinstein, Julie | President and COO | Direct | Sell | 4082026 | 14.83 | 30,941 | 458,920 | 6,439,920 | Form |
| 71 | Robins, Chad M | CEO and Chairman | Direct | Sell | 4082026 | 15.19 | 37,263 | 566,025 | 33,122,068 | Form |
| 72 | Rubinstein, Julie | President and COO | Direct | Sell | 4082026 | 13.56 | 19,060 | 258,454 | 5,946,413 | Form |
| 73 | Rubinstein, Julie | President and COO | Direct | Sell | 4082026 | 14.33 | 19,060 | 273,130 | 6,346,241 | Form |
| 74 | Robins, Chad M | CEO and Chairman | Direct | Sell | 4082026 | 14.41 | 83,332 | 1,200,814 | 31,958,224 | Form |
| 75 | Rubinstein, Julie | President and COO | Direct | Sell | 4022026 | 14.60 | 19,060 | 278,276 | 6,529,149 | Form |
| 76 | Rubinstein, Julie | President and COO | Direct | Sell | 4022026 | 14.45 | 19,060 | 275,417 | 6,524,753 | Form |
| 77 | Rubinstein, Julie | President and COO | Direct | Sell | 3312026 | 13.45 | 19,060 | 256,357 | 6,131,559 | Form |
| 78 | Rubinstein, Julie | President and COO | Direct | Sell | 3312026 | 12.63 | 19,060 | 240,728 | 5,812,528 | Form |
| 79 | Rubinstein, Julie | President and COO | Direct | Sell | 3312026 | 13.34 | 19,060 | 254,218 | 6,196,121 | Form |
| 80 | Rubinstein, Julie | President and COO | Direct | Sell | 3262026 | 14.12 | 19,060 | 269,127 | 6,620,755 | Form |
| 81 | Rubinstein, Julie | President and COO | Direct | Sell | 3262026 | 14.27 | 19,060 | 271,986 | 6,752,992 | Form |
| 82 | Rubinstein, Julie | President and COO | Direct | Sell | 3262026 | 13.70 | 19,060 | 261,122 | 6,542,682 | Form |
| 83 | Rubinstein, Julie | President and COO | Direct | Sell | 3232026 | 13.83 | 19,060 | 263,600 | 6,664,760 | Form |
| 84 | Rubinstein, Julie | President and COO | Direct | Sell | 3232026 | 13.37 | 19,060 | 254,832 | 6,501,082 | Form |
| 85 | Rubinstein, Julie | President and COO | Direct | Sell | 3232026 | 13.18 | 19,060 | 251,211 | 6,465,871 | Form |
| 86 | Rubinstein, Julie | President and COO | Direct | Sell | 3182026 | 13.18 | 19,060 | 251,211 | 6,523,046 | Form |
| 87 | Rubinstein, Julie | President and COO | Direct | Sell | 3182026 | 13.40 | 19,060 | 255,404 | 6,690,057 | Form |
| 88 | Rubinstein, Julie | President and COO | Direct | Sell | 3182026 | 13.41 | 19,060 | 255,595 | 6,753,222 | Form |
| 89 | Rubinstein, Julie | President and COO | Direct | Sell | 3132026 | 12.96 | 19,060 | 247,018 | 6,582,825 | Form |
| 90 | Rubinstein, Julie | President and COO | Direct | Sell | 3132026 | 12.86 | 19,060 | 245,048 | 6,586,103 | Form |
| 91 | Rubinstein, Julie | President and COO | Direct | Sell | 3132026 | 13.29 | 141,583 | 1,881,993 | 6,867,041 | Form |
| 92 | Griffin, Michelle Renee | Direct | Sell | 3132026 | 13.91 | 15,394 | 214,131 | 217,344 | Form | |
| 93 | Lo, Francis | Chief People Officer | Direct | Sell | 3132026 | 14.08 | 30,593 | 430,749 | 4,102,546 | Form |
| 94 | Bobulsky, Susan | Chief Commercial Officer, MRD | Direct | Sell | 3132026 | 13.17 | 41,338 | 544,421 | 5,633,797 | Form |
| 95 | Benzeno, Sharon | Chief Commercial Ofc Imm Med | Direct | Sell | 3132026 | 13.17 | 63,103 | 831,067 | 3,592,131 | Form |
| 96 | Piskel, Kyle | Chief Financial Officer | Direct | Sell | 3132026 | 13.17 | 18,672 | 245,910 | 3,422,093 | Form |
| 97 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 3132026 | 13.17 | 470,266 | 6,193,403 | 20,045,504 | Form |
| 98 | Robins, Chad M | CEO and Chairman | Direct | Sell | 3132026 | 13.17 | 470,167 | 6,192,099 | 30,305,658 | Form |
| 99 | Lo, Francis | Chief People Officer | Direct | Sell | 3092026 | 15.09 | 38,074 | 574,537 | 4,858,482 | Form |
| 100 | Rubinstein, Julie | President and COO | Direct | Sell | 3052026 | 16.00 | 30,941 | 495,056 | 9,203,760 | Form |
| 101 | Rubinstein, Julie | President and COO | Direct | Sell | 3052026 | 16.60 | 30,941 | 513,621 | 9,620,912 | Form |
| 102 | Rubinstein, Julie | President and COO | Direct | Sell | 3052026 | 15.67 | 30,941 | 484,751 | 9,148,107 | Form |
| 103 | Griffin, Michelle Renee | Direct | Sell | 3052026 | 15.30 | 48,044 | 735,073 | 235,528 | Form | |
| 104 | Piskel, Kyle | Chief Financial Officer | Direct | Sell | 2062026 | 18.46 | 2,145 | 39,597 | 3,999,119 | Form |
| 105 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 2042026 | 19.00 | 8,120 | 154,280 | 22,410,956 | Form |
| 106 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 2042026 | 18.60 | 34,668 | 644,825 | 22,090,178 | Form |
| 107 | Robins, Chad M | CEO and Chairman | Direct | Sell | 2042026 | 18.44 | 124,998 | 2,304,963 | 45,348,478 | Form |
| 108 | Lo, Francis | Chief People Officer | Direct | Sell | 1142026 | 17.73 | 79,590 | 1,411,131 | 5,602,290 | Form |
| 109 | Piskel, Kyle | Chief Financial Officer | Direct | Sell | 1142026 | 18.00 | 4,290 | 77,220 | 3,899,466 | Form |
| 110 | Lo, Francis | Chief People Officer | Direct | Sell | 1062026 | 16.08 | 3,125 | 50,250 | 5,080,926 | Form |
| 111 | Lo, Francis | Chief People Officer | Direct | Sell | 12292025 | 17.50 | 4,394 | 76,895 | 5,529,615 | Form |
| 112 | Lo, Francis | Chief People Officer | Direct | Sell | 12172025 | 15.57 | 113,890 | 1,773,267 | 4,919,777 | Form |
| 113 | Hershberg, Robert | Direct | Sell | 12122025 | 16.00 | 22,968 | 367,488 | 747,552 | Form | |
| 114 | Benzeno, Sharon | Chief Commercial Ofc Imm Med | Direct | Sell | 12082025 | 16.85 | 12,604 | 212,377 | 5,000,928 | Form |
| 115 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 12052025 | 16.61 | 10,000 | 166,100 | 20,468,702 | Form |
| 116 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 12052025 | 18.61 | 27,212 | 506,415 | 23,119,426 | Form |
| 117 | Piskel, Kyle | Chief Financial Officer | Direct | Sell | 12022025 | 19.50 | 162,820 | 3,174,990 | 4,224,422 | Form |
| 118 | Robins, Chad M | CEO and Chairman | Direct | Sell | 12012025 | 18.94 | 124,998 | 2,367,462 | 51,313,025 | Form |
| 119 | Robins, Chad M | CEO and Chairman | Direct | Sell | 12012025 | 19.68 | 35,736 | 703,284 | 55,777,824 | Form |
| 120 | Benzeno, Sharon | Chief Commercial Ofc Imm Med | Direct | Sell | 11242025 | 16.91 | 308,477 | 5,216,346 | 5,018,736 | Form |
| 121 | Benzeno, Sharon | Chief Commercial Ofc Imm Med | Direct | Sell | 11242025 | 16.54 | 297,925 | 4,927,680 | 4,908,923 | Form |
| 122 | Piskel, Kyle | Chief Financial Officer | Direct | Sell | 11182025 | 14.05 | 238 | 3,344 | 3,784,269 | Form |
| 123 | Robins, Chad M | CEO and Chairman | Direct | Sell | 11122025 | 15.00 | 1,867 | 28,005 | 43,049,625 | Form |
| 124 | Robins, Chad M | CEO and Chairman | Direct | Sell | 11122025 | 14.57 | 1,237 | 18,023 | 41,842,869 | Form |
| 125 | Robins, Harlan S | Chief Scientific Officer | Direct | Sell | 11122025 | 14.82 | 10,000 | 148,200 | 18,814,346 | Form |
| 126 | Robins, Chad M | CEO and Chairman | Direct | Sell | 11122025 | 14.73 | 86,161 | 1,269,152 | 42,320,586 | Form |
Investor Activity (13F)
Updated Nov 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 11/8/2026