Goldman Sachs Backs Adaptive Biotechnologies with Buy Rating and $35 Price Target

Goldman Sachs has initiated coverage on Adaptive Biotechnologies Corp. () with a buy rating and set a price target of $35.00, representing a potential upside of 23%.

The investment bank views the company as a leader in next-generation sequencing minimal residual disease testing within the hematological oncology market.

Adeptus generates most of its revenue through clonoSEQ, an FDA-authorized assay used to measure minimal residual disease in hematological malignancies through blood and bone marrow samples. The company has penetrated approximately 13% of the potential patient population and posted revenue of $308 million with 50% growth in the last twelve months.

The firm expects growth from strategies including electronic medical record integration and blood-based testing in community settings, which could support expansion as minimal residual disease testing becomes more widespread.