ADPT - Why Adaptive Biotechnologies Topped the Market Today
2024-05-08 18:43:24 ET
Adaptive Biotechnologies (NASDAQ: ADPT) , a company that, in its own words, "aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease," was the cure for the stock market blahs on Wednesday. The commercial-stage biotech reported encouraging quarterly results, and investors signaled approval by trading the stock up by more than 2%. By contrast, the S&P 500 index flat-lined that day.
Adaptive published its first-quarter figures after market close on Tuesday. These showed that its revenue grew by 11% year over year to almost $41.9 million. The biotech also delivered improvement on the bottom line, with its net loss narrowing to $47.5 million ($0.33 per share) against the first-quarter 2023 shortfall of $57.7 million.
Both headline figures exceeded analyst expectations. Collectively, those pundits were modeling revenue of less than $39 million and a deeper net loss of $0.35 per share.
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Why Adaptive Biotechnologies Topped the Market Today