As previously reported, Craig-Hallum initiated coverage of Adaptive Biotechnologies (ADPT) with a Buy rating and $15 price target. The firm notes Adaptive is essentially the only player in the $1.8B heme MRD market, with prospects for sustainable 20%-plus growth, multiple near-term growth drivers, an outlook for substantial margin expansion, turning EBITDA break-even in their core business, and a track record of beating estimates. Near-term catalysts include increased coverage and payor reimbursement rates, adoption of MRD in clinical trials, EMR integrations, a strategic partnership with NeoGenomics (NEO), and the transition to a new test platform that will boost gross margins, Craig-Hallum adds.
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