Chad Robins, CEO of Adaptive Biotechnologies.
Anjali Sundaram | CNBC
Adaptive Biotechnologies shares fell by greater than 10% in after-hours buying and selling Tuesday after the biotech firm posted a wider-than-expected loss in its first earnings report since going public.
The corporate posted a lack of $1.23 a share, down from a lack of $1.01 a yr earlier. Income got here in at $22.1 million, up 91% improve from a yr earlier and better than the $19.three million Wall Road analysts have been anticipating.
“We’re making vital progress throughout on key catalysts that may allow near-term product purposes throughout our life sciences analysis, medical diagnostics, and drug discovery companies, unlocking one of many largest world addressable markets in healthcare,” Adaptive Biotechnologies CEO Chad Robins mentioned in a press release.
Adaptive, which is growing what it calls an “immune drugs platform” to deal with varied ailments, went public on the Nasdaq on June 27. Adaptive Biotechnologies closed up greater than 100% at $40.30 a share on its first buying and selling day, making it on the time within the prime 5 IPO debuts of the yr.
Its inventory closed at $43.08 a share Tuesday, up by about 6.9% since its IPO.