Adaptive Biotechnologies price target raised to $8 from $7 at BTIG

BTIG raised the firm’s price target on Adaptive Biotechnologies to $8 from $7 and keeps a Buy rating on the shares. The firm has increasing conviction that there is upside potential to consensus estimates in its core MRD – minimal residual disease – business for two key reasons: average selling price expansion appears to be a virtual lock following news that the company obtained a higher price for its clonoSEQ test in last week’s CMS preliminary clinical lab fee schedule, and Adaptive Biotechnologies is highly likely to convert more of its clinical trial customers to use its flagship clonoSEQ MRD test for primary endpoints following the highly positive FDA ODAC meeting vote last Spring, the analyst tells investors in a research note.