BTIG raises Adeptus Biotechnologies price target to $34 on guidelines

BTIG has increased its price target for Adeptus Biotechnologies Corp. (NASDAQ:ADPT) to $34 from $25, while maintaining a Buy rating on the shares. The stock is currently trading at $27.86 and has seen a remarkable 109% return over the past year. Seven analysts have revised their earnings upwards for the upcoming period, reflecting the bullish sentiment.

The firm attributed this to updated guidelines from the National Comprehensive Cancer Network for Multiple Myeloma released last week, which specifically mentioned Adeptus Biotechnologies' clonoSEQ NGS assay as the only test for minimal residual disease. BTIG believes the updated guidelines and the company's expected test utilization will drive higher test usage in the coming years.

The clonoSEQ assay is FDA-cleared and market-leading for this purpose. The firm has also provided 2028 estimates for the company in its research note. Although the stock exhibits strong momentum, InvestingPro analysis suggests it might be overvalued relative to its Fair Value estimates.