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Adaptive Biotechnologies

The Seattle-based immune cell sequencing firm saw sequencing revenues grow 38 percent while development revenues rose 65 percent.

The GenomeWeb index underperformed the Dow Jones, the Nasdaq, and the Nasdaq Biotechnology Index.

The GenomeWeb Index, which now has 32 companies, lost 2.6 percent in September while the Dow Jones Industrial Average gained 2 percent over the same period.

Industry experts say a receptive market and investor interest in new technologies have spurred the increase in genomics tools and molecular diagnostics IPOs. 

Seattle-based Adaptive will develop in vitro diagnostic test kits for distribution, which will run on Illumina's NextSeq 550 Dx system.

The partners will use Adaptive's  ClonoSeq assay to assess minimal residual disease in several of Amgen's hematology drug development programs.

The immune sequencing firm is working on kit-ifying its two existing tests, as well as developing a second clinical test and expanding the label for clonoSeq.

In its first quarter operating as a public company, the Seattle-based immune sequencing firm more than tripled development revenues and grew sequencing revenues.

The regulatory approval means that the assay for minimal residual disease is available to monitor B cell blood cancers in patients in all 50 states.

Cowen and William Blair initiated coverage of Adaptive with Outperform ratings, while JP Morgan assigned an Overweight rating and a $45 price target to the firm's stock.

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