Adaptive Biotechnologies (NASDAQ:ADPT) Posts Earnings Results, Beats Estimates By $0.12 EPS

Adaptive Biotechnologies (NASDAQ:ADPT) issued its quarterly earnings results on Wednesday. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.12, FiscalAI reports. The company had revenue of $83.90 million during the quarter, compared to analyst estimates of $71.57 million. Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.06 EPS.

Here are the key takeaways from Adaptive Biotechnologies’ conference call:

• Adaptive reported Q3 revenue of $83.9 million, up 39%, and MRD revenue growth of 44% excluding prior-year milestones. It generated $14.3 million in adjusted EBITDA and $8 million in free cash flow, and raised its 2026 MRD revenue guidance to $276 million–$286 million.
• Clinical testing volume grew 46% year over year to nearly 40,000 clonoSEQ tests, with growth across reimbursed indications. Blood-based and community testing also expanded; management said updated myeloma guidelines and a new definition of cure could further support adoption, though those benefits remain prospective.
• MRD pharma sequencing revenue grew 55% year over year excluding milestones, while the study portfolio reached 191 active studies and backlog rose 34% to about $270 million. Management expects approximately 25% full-year pharma sequencing growth, but noted that quarterly revenue and milestone timing can be lumpy.
• More frequent Medicare testing beyond the existing four-test episode bundle pressured realized ASP, particularly in multiple myeloma. Adaptive has submitted for an additional maintenance-testing bundle and is in discussions with MolDX, but the timing and terms of any expanded coverage are uncertain; the company also said it does not expect full-year GAAP net income or positive EPS.
• Adaptive said it remains on track to announce a path forward for separating its Immune Medicine business by year end. The segment recognized a Pfizer milestone after delivering rheumatoid arthritis data, but management did not provide details on the separation outcome.

Adaptive Biotechnologies Trading Up 3.5%

ADPT opened at $26.71 on Thursday. The company has a debt-to-equity ratio of 2.22, a quick ratio of 4.68 and a current ratio of 4.79. Adaptive Biotechnologies has a one year low of $12.00 and a one year high of $30.74. The company has a market cap of $4.26 billion, a P/E ratio of -65.15 and a beta of 2.18. The business’s 50-day simple moving average is $26.37 and its 200-day simple moving average is $19.76.

Key Headlines Impacting Adaptive Biotechnologies

Here are the key news stories impacting Adaptive Biotechnologies this week:

• Positive Sentiment: Adaptive reported earnings of $0.02 per share, versus analysts’ expectation of a $0.10-per-share loss. Management also said the company achieved total-company profitability ahead of expectations. Third-quarter 2026 financial results
• Positive Sentiment: Revenue was $83.9 million, exceeding the $71.57 million analyst estimate. Core measurable residual disease (MRD) revenue grew 44%, a strong growth signal for a key business area. Q3 earnings and revenues top estimates
• Neutral Sentiment: COO Julie Rubinstein sold 11,881 shares under a pre-arranged Rule 10b5-1 trading plan and retained 377,802 shares. The planned nature of the sale may make it less meaningful as a signal about near-term business prospects. Insider share sale
• Negative Sentiment: Revenue was still down 10.7% from the year-ago quarter, tempering the strong results versus analyst estimates. The company also reported a negative net margin. Quarterly earnings report

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ADPT shares. BTIG Research raised their price target on shares of Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Thursday, October 15th. Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $22.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Piper Sandler upped their target price on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, TD Cowen raised their price target on Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, October 13th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.06.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, COO Julie Rubinstein sold 11,881 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $25.47, for a total value of $302,609.07. Following the transaction, the chief operating officer directly owned 377,802 shares in the company, valued at $9,622,616.94. This represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,050,763 shares of company stock worth $26,806,633 in the last three months. 5.70% of the stock is owned by insiders.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation (NASDAQ: ADPT) is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and research tools. Based in Seattle, Washington, the company analyzes immune-cell receptors to help identify and measure disease, support drug development and improve understanding of immune responses.

Adaptive’s products include clonoSEQ, a clinical assay used to detect and monitor measurable residual disease in certain blood cancers, including multiple myeloma, acute lymphoblastic leukemia and chronic lymphocytic leukemia.