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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.
Get the latest news from Somos, Adaptive Biotechnologies, Thermo Fisher Scientific, and TATAA Biocenter for the week of 7/3/19.
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.
The company is also looking to expand the use of its FDA-approved ClonoSeq assay, which has US FDA approval for MRD detection in acute lymphocytic leukemia and multiple myeloma.
In granting de novo premarket authorization to ClonoSeq, the agency established its regulatory expectations for similar tests.
The five-year-old firm recently completed a clinical trial of the real-time PCR-based test, called ProALL-BM, on patients from a European National Registry Study.
Among the diagnostic firms presenting at the conference on Tuesday were lab giant LabCorp, diversified medical products firm Hologic, and MDx startups, such as Adaptive Biotechnologies.