ADPT
HealthcareAdaptive Biotechnologies Corporation · Biotechnology · $2B
What is Adaptive Biotechnologies Corporation?
Adaptive Biotechnologies is a Seattle-based commercial-stage company building an immune medicine platform designed to decode the human immune system for disease diagnosis and treatment. Its technology bridges life sciences research, clinical diagnostics, and drug discovery.
The company maps immune system signals — primarily T-cell and B-cell receptor sequences — to identify disease states and guide treatment. Revenue comes from sequencing services sold to researchers, clinical diagnostic tests ordered by oncologists, and strategic collaborations with partners such as Genentech and Microsoft. Its platform serves life sciences research labs, clinical diagnostic settings, and biopharma drug discovery teams seeking immune-based biomarkers.
Adaptive Biotechnologies was founded in 2019 and is headquartered in Seattle, US.
- immunoSEQ: translational research immunosequencing platform
- clonoSEQ: FDA-cleared minimal residual disease diagnostic for blood cancers
- T-Detect COVID: confirmation test for past COVID-19 infection
- immunoSEQ T-MAP COVID: T-cell immune response measurement for vaccine researchers
- Pipeline of cancer, autoimmune, and infectious disease diagnostic products
Is ADPT a Good Stock to Buy?
UQS Score rates ADPT as Below Average overall, reflecting a mixed profile where standout growth potential is offset by meaningful quality and valuation concerns.
The Growth pillar is rated Strong, reflecting the company's expanding commercial footprint in immune diagnostics and its high-profile collaborations. The Risk pillar is rated Good, suggesting the balance sheet and near-term financial stability are relatively manageable for a pre-profitability biotech.
The Quality pillar is rated Weak, pointing to challenges around profitability and returns on capital. Valuation is rated Elevated, meaning the market is pricing in considerable future success that has yet to materialize.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ADPT pay dividends?
No — Adaptive Biotechnologies Corporation does not currently pay a dividend.
ADPT does not pay a dividend, which is typical for commercial-stage biotech companies. Available capital is directed toward platform development, clinical expansion, and strategic partnerships rather than shareholder distributions. Investors in ADPT are generally seeking long-term capital appreciation tied to the company's growth trajectory rather than income.
When does ADPT report earnings?
Adaptive Biotechnologies reports earnings on a quarterly cadence, consistent with US-listed public companies.
The company's quarterly results tend to focus on sequencing revenue growth, clonoSEQ test volume, and progress on collaboration milestones. Investors watch closely for signs of narrowing operating losses and expanding commercial adoption of its diagnostic products.
For the most recent quarter's results, visit Adaptive Biotechnologies' investor relations page directly.
ADPT Price History
-62.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Adaptive Biotechnologies Corporation?
Based on Adaptive Biotechnologies Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
ADPT Long-term Outlook
The Strong Growth pillar suggests the company's commercial diagnostics and research services are gaining traction, with collaboration agreements providing additional revenue visibility. However, the Weak Quality pillar signals that converting growth into durable profitability remains the central challenge. The Elevated Valuation pillar indicates the current share price already reflects optimistic long-term assumptions, leaving limited margin for execution shortfalls. The Good Risk rating provides some reassurance that near-term financial stability is not an immediate concern.
Growth drivers
- Expanding clinical adoption of clonoSEQ across blood cancer indications
- Milestone and royalty potential from Genentech and Microsoft collaborations
- Broadening immune medicine pipeline into autoimmune and infectious disease diagnostics
Key risks
- Sustained operating losses and the path to profitability remain uncertain
- Elevated valuation leaves little room for missed commercial targets
- Competitive pressure from larger diagnostics and genomics companies
ADPT vs Peers
Adaptive Biotechnologies operates in a competitive healthcare landscape alongside companies pursuing distinct approaches to genomic medicine and rare disease treatment.
Day One focuses on targeted oncology therapies for pediatric cancers, competing for investor attention in the broader precision medicine space rather than immune diagnostics.
Sarepta is a commercial-stage rare disease company specializing in RNA-targeted and gene therapies, particularly for Duchenne muscular dystrophy, with a more established revenue base.
Definium Therapeutics pursues novel therapeutic approaches in its disease focus area, representing a different risk-reward profile compared to ADPT's diagnostics-led platform model.
Frequently Asked Questions
What does Adaptive Biotechnologies do?
Adaptive Biotechnologies decodes the human immune system using proprietary sequencing technology. It sells research tools to life sciences labs, clinical diagnostic tests to oncologists for monitoring blood cancers, and collaborates with biopharma and technology partners to develop new immune-based diagnostics and therapies.
Does ADPT pay dividends?
No, ADPT does not currently pay a dividend. As a commercial-stage biotech reinvesting heavily in platform development and clinical expansion, the company directs capital toward growth rather than shareholder distributions. Income-focused investors should factor this into their assessment.
When does ADPT report earnings?
Adaptive Biotechnologies reports on a standard quarterly cadence. For the exact schedule and most recent results, check the investor relations section of the company's official website, where earnings releases and conference call replays are posted.
Is ADPT a good stock to buy?
UQS Score rates ADPT as Below Average overall. The Strong Growth and Good Risk pillars are positives, but the Weak Quality and Elevated Valuation pillars introduce meaningful concerns. Whether it fits a portfolio depends on individual risk tolerance and time horizon. View the full pillar breakdown on UQS Pro.
Is ADPT overvalued?
The UQS Valuation pillar for ADPT is rated Elevated, suggesting the current market price reflects optimistic assumptions about future growth. Investors should weigh this against the company's pre-profitability status and the execution risk inherent in scaling a novel diagnostics platform.
How does ADPT compare to its competitors?
ADPT's immune sequencing platform differentiates it from peers like Sarepta Therapeutics, which focuses on gene therapy for rare diseases, and Day One Biopharmaceuticals, which targets pediatric oncology. ADPT's diagnostics-led model carries different revenue dynamics and margin profiles than therapeutics-focused competitors.
What is ADPT's market cap bracket?
Adaptive Biotechnologies is classified as a mid-cap company. This places it in a range where it has moved beyond early-stage startup risk but has not yet achieved the scale or profitability typical of large-cap healthcare companies.
Who founded Adaptive Biotechnologies?
Adaptive Biotechnologies was founded by Chad Robins and Harlan Robins, brothers who combined entrepreneurial and scientific expertise to build the company's immune medicine platform. Founding context and leadership history are publicly available through the company's official communications.
Is ADPT a long-term quality investment?
As a long-term quality indicator, the UQS Score rates ADPT as Below Average. The Strong Growth pillar points to real commercial momentum, but the Weak Quality pillar reflects that durable profitability has not yet been established. Long-term conviction depends on whether the platform can convert growth into sustainable returns.
What is the main competitive advantage of Adaptive Biotechnologies?
Adaptive's core advantage lies in its proprietary immune sequencing database and platform, which grows more valuable as more patient samples are processed. This network effect, combined with FDA-cleared diagnostic products and high-profile collaborations with Genentech and Microsoft, creates meaningful barriers for new entrants.
What sector does ADPT belong to?
ADPT operates in the Healthcare sector, specifically within the life sciences tools and diagnostics segment. Its platform spans research services, clinical diagnostics, and drug discovery applications, giving it exposure to multiple healthcare sub-markets.
Is ADPT a growth stock or value stock?
Based on its UQS profile, ADPT leans firmly toward growth. The Growth pillar is rated Strong, reflecting expanding commercial activity and collaboration potential. However, the Elevated Valuation pillar means investors are already paying a premium for that growth, which is a characteristic tension in high-growth biotech names.
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Pro Analysis
ADPT — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 44.0 | 16.7 | 49.0 | 83.2 | 73.2 | 0.0 | -0.1 |
| May 19, 2026 | 44.1 | 16.7 | 49.0 | 83.3 | 73.2 | 0.0 | +0.1 |
| May 14, 2026 | 44.0 | 16.7 | 49.0 | 83.2 | 73.2 | 0.0 | 0.0 |
| May 11, 2026 | 44.0 | 16.7 | 49.0 | 83.0 | 73.2 | 0.0 | +4.2 |
| May 10, 2026 | 39.8 | 0.0 | 49.0 | 83.0 | 73.2 | 0.0 | -4.2 |
| May 9, 2026 | 44.0 | 16.7 | 49.0 | 83.0 | 73.2 | 0.0 | -0.2 |
| May 8, 2026 | 44.2 | 16.7 | 49.0 | 83.0 | 74.5 | 0.0 | +0.3 |
| May 6, 2026 | 43.9 | 16.7 | 49.0 | 81.6 | 74.5 | 0.0 | +0.8 |
| Apr 2, 2026 | 43.1 | 16.7 | 49.0 | 81.6 | 68.8 | 0.0 | — |
ADPT — Pillar Breakdown
Quality
— 16.7/100 (25%)Adaptive Biotechnologies Corporation currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 83.2/100 (20%)Adaptive Biotechnologies Corporation is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 73.2/100 (15%)Adaptive Biotechnologies Corporation maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)Adaptive Biotechnologies Corporation appears expensively valued relative to its fundamentals and growth prospects.
Moat
— 49/100 (25%)Adaptive Biotechnologies Corporation possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ADPT.
Score Composition
Financial Data
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How is the ADPT UQS Score Calculated?
The UQS (Unified Quality Score) for Adaptive Biotechnologies Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Adaptive Biotechnologies Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Adaptive Biotechnologies Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.