Adaptive Biotechnologies falls after first earnings since IPO

Adaptive Biotechnologies shares fell by more than 7% in after-hours trading Tuesday after the biotech company posted a wider-than-expected loss in its first earnings report since going public.

The company posted a loss of $1.23 a share on revenue of $22.1 million. Wall Street analysts were expecting a loss of 14 cents per share on revenue of $19.3 million.

“We are making important progress across on key catalysts that will enable near-term product applications across our life sciences research, clinical diagnostics, and drug discovery businesses, unlocking one of the largest global addressable markets in healthcare,” Adaptive Biotechnologies CEO Chad Robins said in a statement.

Adaptive, which is developing what it calls an “immune medicine platform” to treat various diseases, went public on the Nasdaq on June 27. Adaptive Biotechnologies closed up more than 100% at $40.30 a share on its first trading day, making it at the time in the top five IPO debuts of the year.

Its stock closed at $43.08 a share Tuesday, up by about 6.9% since its IPO.