Adaptive Biotechnologies is growing fast (22% YoY) but has below-floor quality, no moat, heavy insider selling and a price already at its analyst target, with concentration in one product and one supplier.
Thesis pillars
- Weak Quality No Moat→Stable
- Strong Growth But Lumpy Revenue→Stable
- Product And Supplier Concentration→Stable
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Feb 26, 2026
Adaptive Biotechnologies Corpor (ADPT) Stock Analysis
Range Bound setup
Healthcare · Diagnostics & Research
Sell if holding. Engine safety override at $25.80: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.8/10. Specifically: Below-average business quality; Rich valuation; Negative price momentum.
Adaptive Biotechnologies develops the clonoSEQ test — FDA-authorized for MRD detection in multiple myeloma, ALL, and CLL — and an immune medicine platform for TCR-antigen research. Revenue of $277.0 million in 2025 was driven primarily by MRD testing ($212.3 million), with the... Read more
Sell if holding. Engine safety override at $25.80: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.8/10. Specifically: Below-average business quality; Rich valuation; Negative price momentum. Chart setup: RSI 51 mid-range, Bollinger mid-band. Score 4.8/10, moderate confidence.
Passes 4/8 gates (no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio and clean insider activity and earnings proximity 0d<=7d. Suitability: aggressive.
About Adaptive Biotechnologies Corpor
About Adaptive Biotechnologies Corpor
Adaptive Biotechnologies generated $277.0 million in total revenue in 2025 — up from $179.0 million in 2024 — with the MRD business contributing $212.3 million on test volume of 105,587 tests delivered, a 39% year-over-year increase. The FDA authorized clonoSEQ for multiple myeloma and B-cell ALL in September 2018 and expanded the label to CLL in August 2020. Payor coverage reached over 300 million lives for ALL and MM indications by year-end 2025.
Adaptive Biotechnologies earns revenue through two primary channels: clonoSEQ clinical diagnostic testing for physicians, billed per test to commercial and government payors, and MRD Pharma services for biopharmaceutical partners. The clonoSEQ assay was used in more than 180 active trials by over 40 biopharmaceutical partners, including more than 100 trials where MRD is a clinical endpoint. The immune medicine segment generates additional revenue through immune-receptor sequencing, data licensing, and TCR-antigen prediction tools; in December 2025, the company entered two non-exclusive data agreements with Pfizer for TCR discovery in rheumatoid arthritis and broader immunology applications. The company had an accumulated deficit of $1.4 billion as of December 31, 2025, and net cash used in operations was $46.0 million in 2025, down 52% from $95.2 million in 2024.
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Adaptive Biotechnologies' laboratory operations depend entirely on Illumina for sequencing instruments, reagents, and servicing. The 10-K discloses that Illumina is the sole provider of maintenance and repair services for the Illumina NextSeq System and the NovaSeq X Plus — platforms for which Illumina's reagents are designed exclusively and are not interchangeable with other vendors. Illumina is not contractually obligated to meet all of the company's reagent requirements, and transitioning to an alternative sequencer would require revalidating clonoSEQ diagnostic services and potentially obtaining additional FDA clearance, adding operational and regulatory risk to a business that processed over 105,000 tests in 2025.
See also: Healthcare · Diagnostics & Research
From Adaptive Biotechnologies Corpor's most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated Nov 3, 2026Recent Developments — Adaptive Biotechnologies Corpor
Latest news
- NEWS Adaptogenics Health Corp. Engages InvestorBrandNetwork for Corporate Communications Strategy — fiscal.ai Nov 3, 2026 neutral
- NEWS Telo Genomics Expands Comparative Evaluation of TELO-MRD Against Adaptive Biotechnologies' clonoSEQ — fiscal.ai Oct 29, 2026 neutral
- NEWS Adaptogenics Health Corp. Announces Upcoming Annual General and Special Meeting — fiscal.ai Oct 26, 2026 neutral
- NEWS MercadoLibre, Banco Bradesco, Itaú Unibanco And Other Big Stocks Moving Lower In Monday’s Pre-Market Session — benzinga Oct 26, 2026 neutral
- NEWS Adaptive Biotechnologies Insider Sold Shares Worth $879,088 — fiscal.ai Oct 22, 2026 neutral
Latest item Nov 3, 2026 · Generated 2026-11-04T12:04:35Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductclonoSEQ10-K Item 1: 'Total MRD revenue in 2025 was $212.3 million ... clonoSEQ test volume to 105,587 tests'
- HIGHSupplierIllumina10-K Item 1A: 'Illumina is the sole provider of maintenance and repair services for the Illumina NextSeq System and the NovaSeq X Plus System'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
4 floor-breakers
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Unprofitable operations — net margin -20.7%. Quality floor flags this regardless of sector context.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $25.80: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.8/10. Specifically: Below-average business quality; Rich valuation; Negative price momentum. Chart setup: RSI 51 mid-range, Bollinger mid-band. Prior stop was $23.99. Score 4.8/10, moderate confidence.
Analyst target: $26.29 (+1.9% upside). Prior stop was $23.99. Stop-loss: $23.99.
Concentration risk — Product: clonoSEQ; Concentration risk — Supplier: Illumina; Target reached (1.9% upside).
Adaptive Biotechnologies Corpor trades at a P/E of N/A (forward -143.1). TrendMatrix value score: 3.4/10. Verdict: Sell.
15 analysts rate ADPT, with a consensus score of 4.2/5. 7 analysts publish price targets averaging $30.
What does Adaptive Biotechnologies Corpor do?Adaptive Biotechnologies develops the clonoSEQ test — FDA-authorized for MRD detection in multiple myeloma, ALL, and...
Adaptive Biotechnologies develops the clonoSEQ test — FDA-authorized for MRD detection in multiple myeloma, ALL, and CLL — and an immune medicine platform for TCR-antigen research. Revenue of $277.0 million in 2025 was driven primarily by MRD testing ($212.3 million), with the remainder from biopharma partnerships.