Adaptive Biotechnologies Corp. | North America What‘s New from MS GHC Fireside Chat

Research evidence excerpt

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M

Update

September 15, 2026 10:59 PM GMT

Adaptive Biotechnologies Corp. | North America

Morgan Stanley & Co. LLC

Kallum L Titchmarsh

Equity Analyst

What's New from MS GHC

Fireside Chat

Jakob Dodd

Research Associate

Jason Lai

Research Associate

We hosted Adaptive Biotechnologies CEO Chad Robins and CFO Kyle Piskel for a

fireside chat at Morgan Stanley's 24th Annual Global Healthcare Conference. We

Adaptive Biotechnologies Corp. (ADPT.O, ADPT US)

highlight below what stood out to us from the conversation as most meaningful and

Life Science Tools & Diagnostics | United States of

America

incremental to prior commentary.

Implications of MM guideline update: Management highlighted a recent guideline

update (which we believe to be NCCN Version 1.2027) as a meaningful tailwind for

MRD in Multiple Myeloma. According to management, the updated guidelines

Stock Rating

Industry View

Price target

Shr price, close (Sep 15, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

In-Line

$22.00

$26.68

$4,062

$26.87-12.00

recommend using FDA approved tests, calling out clonoSEQ by name as an example,

and a preference for those with a sensitivity on the order of 10-6 vs. 10-5, and

specifies the different points along the care continuum where testing should occur

as regular intervals during maintenance and surveillance (in line with what ADPT has

been advocating for).

Management's latest views on MRD / Immune Medicine separation: In the

company's prior strategic review, ADPT elected to keep the businesses together

while allocating capital carefully to move them each toward commercial maturity.

Management sees the businesses as having reached that threshold and believes

they can each now benefit from independent operations and investor bases, where

Immune Medicine can specifically cater to a tech / AI focus. Conversations remain

underway around options to maximize shareholder value, but management

committed to laying out a framework around the path forward (though not enacting

the separation itself) by year end. For context, management described 70% of OPEX

…