Adaptive Biotechnologies assumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Kallum Titchmarsh assumed coverage of Adaptive Biotechnologies (ADPT) with an Equal Weight rating and a price target of $21, up from $16. Life Science Tools and Diagnostics end market bright spots are beginning to emerge and the firm sees “plenty of catalysts” in the pipeline across its coverage, adding that it sees “lots to like in the space entering 2026.” However, a recent industry valuation spike in the second half of the year leaves multiples in “a fair place,” so the firm starts the group with an In-Line industry view, the analyst tells investors. Among the group, the analyst identifies Danaher (DHR) as Top Pick.