Adaptive Biotechnologies: 2Q26 Recap: MRD Volume Acceleration Drives Beat and Raise; Remain Overweight

Research evidence excerpt

Adaptive Biotechnologies: 2Q26 Recap: MRD Volume Acceleration Drives Beat and Raise; Remain Overweight

Casey Woodring AC North America Equity Research

(1-212) 622-9074 29 July 2026 J P M O R G A N

casey.woodring@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

As a leader in the expanding immune medicine market ($49B

TAM across research, clinical diagnostics, and drug discovery),

Adaptive Biotechnologies (ADPT) is uniquely positioned with

its proprietary platform that decodes the genetic language of the

body’s adaptive immune system. This platform underpins the

company’s immunosequencing assay and its flagship clonoSEQ

minimal residual disease (MRD) test for blood cancers. Recent

quarters have seen a notable acceleration in clinical clonoSEQ

MRD volumes driven by deeper penetration into the community

YTD 1m 3m 12m setting, ongoing expansion of clinical guidelines, and increasing

Abs 38.9% 5.4% 66.7% 117.1% EMR integrations. Looking ahead to 2026, we see multiple

Rel 21.8% 8.9% 60.7% 87.6%

catalysts including broader adoption of blood-based testing and

Company Data expansion into under-penetrated indications. ADPT is also

Shares O/S (mn) 157 gaining traction with pharma partners seeking to leverage its

52-week range ($) 23.15-9.96 differentiated immune medicine (IM) data assets. The recently

Market cap ($ mn) 3,541.46

Exchange rate 1.00 announced Pfizer (PFE) data licensing agreement in December

Free float (%) 96.9% exemplifies the growing strategic value of ADPT’s platform and

3M ADV (mn) 2.74 provides a clear path to upside for the IM business over time.

3M ADV ($ mn) 49.9

Volatility (90 Day) 71 Valuation

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 7|1|0 Our December 2027 DCF-derived price target of $27 assumes a