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.
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The article Adaptive Biotechnologies soars more than 100% on its first day originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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