Adaptive announces pricing of a convertible senior notes offering, announces plan to split up its two businesses by YE - we view both actions positively, we reiterate our Buy rating and $22 PT on ADPT

Research evidence excerpt

Adaptive announces pricing of a convertible senior notes offering, announces plan to split up its two businesses by YE - we view both actions positively, we reiterate our Buy rating and $22 PT on ADPT

June 17, 2026 Adaptive BiotechnologiesLIFE

(ADPT, Buy, $22 PT)

Mark Massaro

Adaptive announces pricing of a convertible senior notes offering, (212) 527-3564 mmassaro@btig.comSCIENCE announces plan to split up its two businesses by YE - we view both Company Data

actions positively, we reiterate our Buy rating and $22 PT on ADPT Closing Price $17.46

Price Target $22.00AND WHAT YOU SHOULD KNOW: ADPT announced two significant business updates: (1) an Market Cap (M) $2,715.40

upsized $300M (up from $250M) convertible senior notes offering and (2) a decision

Enterprise Value (M) $2,037.58 to separate its MRD and immune medicine (IM) businesses. While shares have pulled

back modestly (due to nuances of the convert), we view the news as a positive for Shares Out (M) 155.52

ADPT. We (and others) have long viewed the Immune Medicine business as non-core Avg Daily Vol-3 Months (M) 1.99

(at best), and we believe the separation of IM from its core MRD business can enhance Dividend / Yield $0.00 / 0.0%

the value of at least its core. We spoke to management shortly after the news was RevisionsDIAGNOSTIC announced, and we come away feeling good about both moves. Management noted Previous Current

that these announcements come from a position of strength at ADPT and noted that

they continue to see incredibly strong momentum across all applications of its MRD Rating Buy Buy

business. We reiterate our Buy rating and $22 PT on ADPT. Price Target $22.00 $22.00TOOLS FY26E REV 287.36 287.36 ■ ADPT announces plan to separate its MRD and IM businesses. ADPT announced