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.
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.
The firm, which markets a clinical immunosequencing assay for leukemia and multiple myeloma, had originally expected to sell its shares at $15 to $17 apiece.
Adaptive currently offers a clinical immunosequencing assay for monitoring minimal residual disease in multiple myeloma and acute lymphoblastic leukemia.
The firm plans to use proceeds to fund commercial activities related to its ClonoSeq assay, as well as research into drug discovery and its project to map TCR antigens.
The company is also looking to expand the use of its FDA-approved ClonoSeq assay, which has US FDA approval for MRD detection in acute lymphocytic leukemia and multiple myeloma.
In a point-counterpoint in the Boston Globe, researchers discuss the potential of gene editing to prevent Lyme disease, but also the pitfalls of doing so.
