Adaptive Biotechnologies Corp. (ADPT) Stock in Decline After Increasing on Thursday

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Adaptive Biotechnologies Corp. (ADPT), a commercial-stage company developing an immune medicine platform, has seen a decline of 5.85% in aftermarket trading session. As a result, ADPT stock is changing hands at $32 at the time of this writing. The decline has come after ADPT stock increased by 4.71% in Thursday’s regular hours and closed the day at $33.99. The rise was attributable to the launch of clonoSEQ® Assay Reports.

ADPT launched clonoSEQ Assay Reports

On Thursday, ADPT announced to launch of an enhanced version of its clonoSEQ® B-cell Clonality (ID) report. As a result of enhancements, the report was able to feature immunoglobulin heavy chain (IgH) – V mutation status for patients with chronic lymphocytic leukaemia (CLL). clonoSEQ is the first and only in vitro diagnostic that has got clearance from US FDA to monitor and detect minimal residual disease (MRD) in blood or bone marrow from patients having CLL. The company said that IGHV mutation status has prognostic results in CLL. The mutated IGHV genes infer better outcomes. MRD assessment with clonoSEQ is done as a series of tests throughout a patient’s cancer journey. That is done to evaluate prognosis, determine response to treatment, monitor disease during remission and detect potential relapse. Lance Baldo, MD, Chief Medical Officer of Adaptive Biotechnologies, said that the company is happy to make the diagnostic journey simpler.

Q2 2021 financial results

In early August, ADPT reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. According to the details, the total revenue generated by the company during the period stood at $38.50 million. During the equivalent period of 2020, it was $20.8 million. The operating expenses bore by the company during the period stood at $88.27 million. Compared to that, the operating expenses during the second quarter of 2020 stood at $57.89 million. The company suffered a loss of $49.76 million from the operations. During the equivalent period of 2020, the loss from operations stood at $36.90 million. The net loss bore by the company during the period stood at $49.30 million (or $0.35 per basic and diluted share). During the equivalent period of 2020, the net loss suffered by the company was $33.53 million (or $0.26 per basic and diluted share). The company had cash and cash equivalents of $184.18 million on 30th June. The total assets stood at $1.03 billion, while total liabilities were $340.06 million.

Future of ADPT stock?

Recent past performance of ADPT has not been outstanding, with the stock declining by some 13% during last week. Analysts believe that reliance upon innovation would cause an improvement in the company’s business soon.

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