MRD And Immune Medicine Business SeparationThe commercial-stage biotechnology company is evaluating strategic alternatives for its Immune Medicine segment, which has made strides in drug discovery and data capabilities.With over 6 million functional T-cell receptor (TCR)-antigen pairs and well-characterized data sets on more than 10,000 patients, Immune Medicine is discovering pathogenic TCRs and the disease-causing antigens they bind.The company expects to finalize its preferred path for separation by the end of 2026, aiming to unlock value for shareholders.Adaptive’s MRD business revenue has grown from $103 million in 2023 to $212 million in 2025, and the business reported $15 million in 2025 adjusted EBITDA.With more than 300 million covered lives, over 175 EMR-integrated accounts, and greater than 180 active biopharma trials, clonoSEQ is increasingly embedded in routine clinical practice and drug development.Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $20.20. Recent analyst moves include:
Morgan Stanley: Equal-Weight (Lowers Target to $18.00) (May 12)
JP Morgan: Overweight (Lowers Target to $19.00) (May 6)
TD Cowen: Buy (Raises Target to $21.00) (May 6)
