Chad Robins, CEO of Adaptive Biotechnologies.
Anjali Sundaram | CNBC
Adaptive Biotechnologies shares fell by extra than 10% in after-hours procuring and selling Tuesday after the biotech company posted a a lot broader-than-expected loss in its first earnings sage since going public.
The corporate posted an absence of $1.23 a piece, down from an absence of $1.01 a year earlier. Earnings came in at $22.1 million, up ninety one% amplify from a year earlier and elevated than the $19.three million Wall Aspect motorway analysts had been looking ahead to.
“We’re making important progress across on key catalysts that will enable shut to-term product purposes across our life sciences study, clinical diagnostics, and drug discovery businesses, unlocking one in all the ideal global addressable markets in healthcare,” Adaptive Biotechnologies CEO Chad Robins acknowledged in a press unlock.
Adaptive, which is developing what it calls an “immune medication platform” to take care of varied ailments, went public on the Nasdaq on June 27. Adaptive Biotechnologies closed up extra than a hundred% at $forty.30 a piece on its first procuring and selling day, making it on the time within the head five IPO debuts of the year.
Its stock closed at $forty three.08 a piece Tuesday, up by about 6.9% since its IPO.