Adaptive Biotechnologies

ADPT · NASDAQ

$24.42+$0.47 (+1.96%)TodayMarket closed · Oct 20, 7:57 PM ET

Prev close $23.95

ADPT analyst rating

BuyConsensus of 8 analysts over the last 12 months. 88% rate it a buy.

Strong buy0
Buy7
Hold1
Underperform0
Sell0

12-month price target · 10 analysts

Average $28.05 (+14.9% upside)

Low: $21.21
Now: $24.42
High: $36.75

Upgrades and downgrades

The latest rating actions, newest first

ADPT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 13, 2026	Maintains	Buy	$28.00 → $32.00	61%
Morgan Stanley	Oct 13, 2026	Maintains	Equal-Weight	$22.00 → $27.00	48%
Guggenheim	Oct 1, 2026	Maintains	Buy	$25.00 → $32.00	66%
Goldman Sachs	Sep 29, 2026	Initiates	Buy	$35.00	73%
BTIG	Sep 22, 2026	Maintains	Buy	$25.00 → $34.00	54%
Piper Sandler	Aug 4, 2026	Maintains	Overweight	$20.00 → $27.50	58%
Morgan Stanley	Jul 30, 2026	Maintains	Equal-Weight	$20.00 → $22.00	48%
TD Cowen	Jul 30, 2026	Maintains	Buy	$25.00 → $28.00	61%
Guggenheim	Jul 30, 2026	Maintains	Buy	$22.00 → $25.00	66%
BTIG	Jul 30, 2026	Maintains	Buy	$24.00 → $25.00	54%

The case for and against

Updated Oct 16, 2026

Bull case

Adaptive Biotechnologies is viewed positively because NCCN’s updated multiple myeloma guidelines explicitly name clonoSEQ, expand MRD testing timepoints, and create a more standardized framework that could lift utilization from the current run-rate. Strong execution in the core MRD business also supports the thesis, with Q2’26 MRD revenue guidance raised to $268M-$278M, volume growth of 43% in Q2’26, sequencing gross margins at 71%, and ASPs already reaching $1,382 per test with a path to $1,700-$1,800. The outlook is further strengthened by rising blood-based adoption at 51% of volumes, growing EMR integrations, a 2026 business separation plan, and a broad clinical-trial opportunity after the positive 12-0 ODAC vote.

Bear case

Adaptive Biotechnologies is viewed negatively because its core business still depends heavily on clonoSEQ and the MRD segment, yet the company faces clear execution risk from slower-than-expected customer adoption, reimbursement and clinical guideline hurdles, and new competition. The excerpts also highlight broader sector headwinds such as reduced research and development budgets, delayed hospital purchasing, and regulatory hurdles, all of which can pressure revenue growth and keep profitability elusive. In addition, the comparison to other companies trading at premium multiples and the uncertainty around business separation by YE'26 underscore valuation and strategic risk rather than durable fundamental strength.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.