Reading the tape
NASDAQ: ADPT
Adaptive Biotechnologies Corporation
Healthcare · Biotechnology
Market Cap
$2.12B
52w High
$20.76
52w Low
$8.38
P/E
-35.41
Volume
1.04M
Outstanding Shares
153.98M
Price vs Fundamentals
Why The Stock Is Moving
Fundamentals are supporting the moveModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 37.03%Revenue (TTM): 54.77%FCF (TTM): 50.5%P/S: 44th pct
What changed
The stock rose 37.03% over the last year. Revenue grew 54.77% over the trailing twelve months. Operating margin moved from -90.83% to -20.62%. Free cash flow grew 50.5% over the trailing twelve months.
What the market seems to be pricing
The stock move broadly lines up with stronger business momentum, and the shares are still only around the 44th percentile of their historical P/S range.
What would invalidate this read
Operating margin is at -20.62%. Revenue grew 54.77% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.
Company profile
Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases.
CEOChad Robins
SectorHealthcare
IndustryBiotechnology
Employees619
IPO dateJun 27, 2019
Valuation
Forward P/E—
EV/EBITDA-89.60
Enterprise value$2.67B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth51.04%
Gross margin74.24%▲24.30%vs FY2024
Operating margin-20.62%▲77.29%vs FY2024
ROE-27.19%▲65.44%vs FY2024
Analyst consensus
RatingBuy
Target price$21.25▲54.43%
11
Buy
4
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 5, 2026
Q2 FY26 · EPS est -$0.16 · Revenue est $61.03M
View