Adaptive Biotechnologies Corp (ADPT) saw its stock surge 5.52% in pre-market trading on Wednesday, following the release of better-than-expected second-quarter results and an analyst upgrade.
The company reported a narrower loss of $0.17 per diluted share for Q2, compared to a loss of $0.31 a year earlier and beating analyst expectations of a $0.25 loss. Revenue for the quarter ended June 30 jumped to $58.9 million, significantly higher than the $43.2 million reported in the same period last year and surpassing the FactSet analyst consensus of $49.4 million.
Adding to the positive sentiment, JP Morgan raised its price target for Adaptive Biotechnologies from $10 to $14, reflecting increased confidence in the company's future performance. The combination of strong financial results and the upgraded analyst outlook appears to be driving investor enthusiasm, resulting in the notable pre-market price increase.
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