The immune sequencing firm is working on kit-ifying its two existing tests, as well as developing a second clinical test and expanding the label for clonoSeq.
In its first quarter operating as a public company, the Seattle-based immune sequencing firm more than tripled development revenues and grew sequencing revenues.
The regulatory approval means that the assay for minimal residual disease is available to monitor B cell blood cancers in patients in all 50 states.
Cowen and William Blair initiated coverage of Adaptive with Outperform ratings, while JP Morgan assigned an Overweight rating and a $45 price target to the firm's stock.
The firm, which markets a clinical immunosequencing assay for leukemia and multiple myeloma, had originally expected to sell its shares at $15 to $17 apiece.
Adaptive currently offers a clinical immunosequencing assay for monitoring minimal residual disease in multiple myeloma and acute lymphoblastic leukemia.
The firm plans to use proceeds to fund commercial activities related to its ClonoSeq assay, as well as research into drug discovery and its project to map TCR antigens.
Following FDA approval last October, Adaptive has now secured Medicare coverage for its NGS-based minimal residual disease assay, ClonoSeq.