Overview
BTIG has increased its price target for Adeptus Biotechnologies Corp. (NASDAQ:ADPT) to $22.00 from $21.00 while leaving its rating on the stock at Buy. The company is trading at $16.47, with a market capitalization of $2.51 billion, and recorded a 105.62% return over the last 12 months. InvestingPro consensus data cited in the research highlights that analyst sentiment remains squarely in Buy territory.
Operational performance and growth drivers
The research note pointed to strong expansion in Adeptus’s core Minimal Residual Disease (MRD) business as the key driver behind BTIG’s updated view. MRD revenue grew 54% year-over-year in the fourth quarter of 2025 and 46% year-over-year for the full year. Complementing the revenue gains, the company reported notable increases in clonoSEQ testing volumes, with a 43% year-over-year rise in Q4 2025 and 39% year-over-year growth for the full year of 2025.
Guidance for 2026 and BTIG’s assessment
Adeptus has guided to more than 30% volume growth in clonoSEQ for 2026. The company anticipates clinical average selling prices (ASPs) of $1,400 per test, which represents a 7% year-over-year increase, while clinical milestone payments are projected to decline by 56% year-over-year. BTIG described those targets as conservative and signaled no current concerns about potential entrants to the market later this year, observing that the company remains
"fundamentally strong."
Balance sheet and valuation notes
According to InvestingPro data referenced in the research, Adeptus operates with a moderate level of debt and maintains solid liquidity, reflected in a current ratio of 3.34. Despite these strengths, InvestingPro’s metrics indicate the stock appears overvalued relative to its Fair Value.
Additional quarterly results from Adaptive Biotechnologies
In related earnings news, Adaptive Biotechnologies Corp reported fourth-quarter 2025 results that exceeded analyst expectations. The company posted an earnings per share (EPS) of -$0.09 versus a consensus forecast of -$0.18, a 50% positive surprise. Revenue was $71.7 million, substantially above the expected $59.33 million, representing a 20.85% increase. Despite the upside, Adaptive’s shares declined slightly in aftermarket trading. The research notes that analyst firms have not issued any recent upgrades or downgrades for Adaptive Biotechnologies.
Implications
BTIG’s price target adjustment and maintained Buy rating reflect confidence in Adeptus’s MRD and clonoSEQ momentum, supported by healthy liquidity and improving per-test pricing. The company’s 2026 guidance and BTIG’s characterization of those targets as conservative provide a cautiously optimistic outlook, while valuation signals from InvestingPro temper that optimism.
Key metrics highlighted in the report
- Price target: raised to $22.00 from $21.00 (Buy rating maintained)
- Share price: $16.47; Market cap: $2.51 billion; 12-month return: 105.62%
- MRD revenue growth: 54% YoY in Q4 2025; 46% YoY for full year 2025
- clonoSEQ volume growth: 43% YoY in Q4 2025; 39% YoY for full year 2025
- 2026 guidance: >30% clonoSEQ volume growth; clinical ASP $1,400 per test (+7% YoY); clinical milestone payments -56% YoY
- Liquidity and balance sheet: current ratio 3.34; moderate debt level