Adaptive Biotechnologies Corp (ADPT) shares surged 5.23% in pre-market trading on Thursday, following the company's impressive third-quarter financial results and subsequent analyst upgrades.
The biotechnology firm reported a surprising quarterly adjusted earnings of 6 cents per share, significantly outperforming the analyst consensus estimate of a 15-cent loss. This marked a substantial improvement from the 22-cent loss reported in the same quarter last year. Revenue also exceeded expectations, soaring 102.4% year-over-year to $93.97 million, well above the anticipated $64.64 million.
In response to the strong performance, several analysts raised their price targets for Adaptive Biotechnologies. JP Morgan increased its target from $17 to $20, while TD Cowen lifted its projection from $18 to $22. The positive sentiment from Wall Street, coupled with the company's better-than-expected financial results, appears to be driving the stock's pre-market rally. Investors seem optimistic about Adaptive Biotechnologies' growth prospects and improving financial health, as reflected in the significant share price increase ahead of the regular trading session.
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