Adaptive Biotechnologies Corp Down 17.72% To $3.53 After Earnings Miss

Adaptive Biotechnologies Corp (ADPT) said after close Thursday that it lost $0.35 per share in quarter three 2023.

On the revenue line, the company reported $37.9 million, missing estimates by $5 million.

In the same quarter a year ago, the company lost $0.32 per share on revenue of $47.8 million.

The stock is down 17.72% to $3.53 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 35. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Adaptive Biotechnologies Corp is a commercial-stage company advancing the field of immune-driven medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. Its clinical diagnostic product, clonoSEQ, is test authorized by the FDA for the detection and monitoring of minimal residual disease in patients with select blood cancers.