Adeptus Biotechnologies Corp. (ADPT) PT Raised to $9 at BTIG

BTIG analyst Mark Massaro raised the price target on Adeptus Biotechnologies Corp. (NASDAQ: ADPT) to $9.00 (from $8.00) while maintaining a Buy rating.

The analyst commented: "We recently had the privilege of hosting ADPT co-founder, Chairman, and CEO Chad Robins and VP of IR and FP&A, Karina Calzadilla, for two days of investor meetings. We come out of the meetings with a keen appreciation that there are numerous drivers to benefit the business in 2025 and beyond. We remain bullish on ADPT given the halo effect where ADPT has closed a substantial 11 new studies since the unanimous FDA ODAC meeting that endorsed MRD as an accelerated approval endpoint in multiple myeloma. Our key takeaways out of our meetings are: (1) ADPT is inching closer to achieving profitability in its core MRD base business, which we think will re-rate the company to a higher valuation; (2) ADPT is still early driving clonoSEQ penetration in the clinic, and is also seeing a step function increase in interest in its MRD pharma business as the company wins new clinical trial mandates using MRD as a higher value primary endpoint; and (3) ADPT has numerous operational tailwinds in its core MRD business that give us confidence that 2025 will mark an inflection year in MRD. We reiterate our Buy rating on ADPT and raise our PT from $8 to $9."

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