Thursday, June 27, 2019

Very Brief Blog: Adaptive Biotechnologies IPO Priced at $20, Spikes to $40

Adaptive Biotechnologies announced its pending IPO a couple weeks ago, and yesterday announced an expected opening price of $20, planning to raise $300M.

After the opening bell June 27, share priced spiked as high as $40.

For a CNBC video today with CEO Chad Robins, here.  For today's IPO trade news, here and here.  CNBC ran a good story in the afternoon which discusses Microsoft's collaboration with Adaptive, here.  Per CNBC, the value of Microsoft's direct investment quadrupled in 18 months. 

The next day, on June 28, MarketWatch ran a short interview with Robins, here.  On Day 2, ADPT opened at $41 and rose to $48.

The Seattle Times had said the $20 IPO would value the company at $2.5B; at double the share price, it suggests the valuation is $5B.

The May 30 S-1 is here; I haven't checked if a slightly updated one exists.

In an open-access article by Cristea/Cahan/Ioannidis in January 2019, many life sci companies with billion-dollar valuations (unicorns) were criticized for thin publication histories, but Adaptive's publication roster was extensive and in a class of its own - here.  Adaptive had 89 publications.