Adaptive Biotechnologies price target lowered to $5 from $6 at BTIG

BTIG analyst Mark Massaro lowered the firm’s price target on Adaptive Biotechnologies to $5 from $6 but keeps a Buy rating on the shares. The company’s strategic review concluded that it will make no material changes and instead will continue to operate both of its business segments internally, driving a 10% decline in the stock price yesterday, the analyst tells investors in a research note. Adaptive Biotechnologies acknowledged it did receive multiple offers for its MRD business from key strategic players, however the offers came in below its expectations and requirements, the firm notes. BTIG adds that the company has likely made the right decision, since it is is not that far away from achieving its goal to be adjusted EBITDA-positive, and the firm believes that at 1.7-times consensus 2025 revenue estimates, the stock is undervalued.