Piper Sandler upgrades Adaptive Biotech on diagnostics strength

Adaptive Biotechnologies

21/12/2022 11:42

** Piper Sandler lifts rating on medical device maker
Adaptive Biotechnologies Corp  ADPT.O  to 'overweight' from
'neutral', raises PT to $14 from $7.50 on strength of company's
diagnostic business
    ** Revenue from ADPT's medical test that detects presence of
residual malignant cells in patients with certain blood cancer
will grow in high double-digits for at least five years, says
brokerage
    ** Piper Sandler raises 2023 revenue estimates for company
to $224 million from $223 million projected earlier, and sees
loss at $1.47/shr against $1.37/shr forecast previously
    ** Stock will have upside from immune medicine pipeline, as
ADPT will collect more near-term milestone and royalties than
investors expect - Piper Sandler
    ** Shares of Adaptive Biotechnologies up 5.8% at $7.5
premarket, but down ~75% YTD
 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com))