Adaptive Biotechnologies, which provides genetic immunosequencing tests used to diagnose and treat diseases, traded up 101.5% on Thursday, the year's second-best initial pop behind Beyond Meat in May.
Adaptive's first-day pop follows a similar reception from fellow genetic sequencer Personalis (PSNL), which went public last week. Personalis finished Thursday with a 64% return from IPO, sightly before its first-day close. Other high-growth medical products companies have outperformed, including Silk Road Medical (SILK) and ShockWave Medical (SWAV).
As biotechs continue to pour resources into developing next-gen immunotherapies, Adaptive has developed an innovative technology for sequencing the immune system. It targets a multi-billion dollar market, with an approach validated by major collaborations with Genentech and Microsoft. It is close to ramping up its newer immunoSEQ tests, and also has a preclinical drug development program.
Adaptive raised $300 million by offering 15 million shares at $20, above the range of $18 to $19. It listed on the Nasdaq under the symbol ADPT. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Cowen and Guggenheim Securities acted as lead managers on the deal.
For an enhanced profile of Adaptive Biotechnologies, sign up for IPO Pro.
