Adaptive Biotechnologies
ADPT
announced restructuring plans to support its goal of future growth. The company is planning to reorganize its business around two key areas — Minimal Residual Disease (MRD) and Immune Medicine. The company also announced streamlining its workforce by reducing it by approximately 12% as part of the plan.
Adaptive Biotechnologies also announced the appointment of Tycho Peterson as its new chief financial officer. The appointment is likely to support its growth plans as Peterson brings his health care experience at
J.P. Morgan Chase & Co.
JPM
. He has served at J.P. Morgan Chase for 23 years as managing director of life science tools and diagnostics.
Investors along with Adaptive Biotechnologies’ management seem to believe that Peterson’s experience at J.P. Morgan Chase will be a key driving force going forward for the company along with restructuring initiatives.
Shares of Adaptive Biotechnologies gained 9.6% on Mar 9, following the announcement of the restructuring plan and the appointment of Peterson. However, the company’s shares have declined 8.6% so far this year compared with the
industry
’s decrease of 18.3%.
Image Source: Zacks Investment Research
We note that following the completion of the restructuring, the MRD business will include the clonoSEQ diagnostic test and clonoSEQ assay. While the clonoSEQ diagnostic test is used to track MRD, the assay supports drug development. clonoSEQ assay is the only FDA-approved assay or MRD in chronic lymphocytic leukemia, multiple myeloma and B-cell acute lymphoblastic leukemia.
Adaptive Biotechnologies’ Immune Medicine segment will include research, diagnostic, and drug discovery products and services driven by T-cell mapping. The company is conducting its T-cell mapping efforts in partnership with software behemoth,
Microsoft
MSFT
.
Adaptive Biotechnologies is creating a map of the interaction between the immune system and disease — TCR-Antigen Map — that supports its T-cell mapping efforts. The company along with Microsoft had released the ImmuneCODE database in 2020 with updated data on the immune response to the COVID-19 virus on a real-time basis to aid researchers and public health officials worldwide.
The Immune Medicine segment will also include Adaptive Biotechnologies’ drug discovery collaborations with a subsidiary of
Roche
RHHBY
, Genentech, and Norway-based biotech company, Nykode.
Adaptive Biotechnologies is developing cellular therapies in collaboration with Roche’s subsidiary. The partnership with Roche’s subsidiary is focused on developing shared and personalized T cell receptor-mediated cellular therapies for cancer patients.
Adaptive Biotechnologies is supporting vaccine design and development in partnership with Nykode.
Adaptive Biotechnologies Corporation Price
Adaptive Biotechnologies Corporation price
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Adaptive Biotechnologies Corporation Quote
Zacks Rank
Adaptive Biotechnologies currently carries a Zacks Rank #3 (Hold). You can see
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