Adaptive Biotechnologies stock tumbles after first earnings report since IPO

Health, Fitness & Food

Chad Robins, CEO of Adaptive Biotechnologies.

Anjali Sundaram | CNBC

Adaptive Biotechnologies shares fell by more than 7% in after-hours trading Tuesday after the biotech company posted a wider-than-expected loss in its first earnings report since going public.

The company posted a loss of $1.23 a share on revenue of $22.1 million. Wall Street analysts were expecting a loss of 14 cents per share on revenue of $19.3 million.

“We are making important progress across on key catalysts that will enable near-term product applications across our life sciences research, clinical diagnostics, and drug discovery businesses, unlocking one of the largest global addressable markets in healthcare,” Adaptive Biotechnologies CEO Chad Robins said in a statement.

Adaptive, which is developing what it calls an “immune medicine platform” to treat various diseases, went public on the Nasdaq on June 27. Adaptive Biotechnologies closed up more than 100% at $40.30 a share on its first trading day, making it at the time in the top five IPO debuts of the year.

Its stock closed at $43.08 a share Tuesday, up by about 6.9% since its IPO.

Products You May Like

Articles You May Like

Omega-3 fatty acid medications can boost cardiovascular health
Can you get a yeast infection from antibiotics?
Dementia risk: The role of ‘blood pressure patterns’
Type 1 diabetes: Genetic risk reflected in gut microbiome
Democrats urge Trump administration to vaccinate detained migrant families against flu

Leave a Reply

Your email address will not be published. Required fields are marked *