Chad M. Robins, the Chief Executive Officer and Chairman of Adaptive Biotechnologies, sold 124,998 shares of the company's common stock on February 2, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
The shares were disposed of at a weighted average price of $18.44, resulting in proceeds of approximately $2.3 million. The reported sale prices ranged from $18.16 to $18.88. The filing states the transaction was executed under a Rule 10b5-1 trading plan that Robins adopted on August 11, 2025.
Following the sale, Robins is reported to directly hold 2,459,245 shares of Adaptive Biotechnologies.
Market context and valuation
The company currently carries a market capitalization of $2.64 billion and has experienced significant share-price appreciation over the past year, with a reported 114.91% gain. Separately, InvestingPro data cited in the filing indicates ADPT was trading at $17.30 at the time of reporting, a level modestly below the CEO's weighted-average sale price.
InvestingPro analysis referenced in filings also highlights that ADPT is trading at a high Price/Book multiple of 12.92 relative to its Fair Value estimate. The firm is unprofitable on an operating basis, reporting an EBITDA of -$60.1 million over the last twelve months, and has a scheduled earnings report on February 5, 2026.
Recent operational and strategic developments
Adaptive Biotechnologies reported strong full-year financial performance for 2025, with revenue of approximately $277 million, an increase of 55% year-over-year. Fourth-quarter revenue was reported at about $72 million, representing a 51% rise compared with the same period in 2024, and ahead of analyst expectations of $59.4 million.
Management attributed part of the revenue acceleration to growth in the company's Minimal Residual Disease - MRD - business, which increased 46% for the full year. In addition to top-line gains, Adaptive announced two non-exclusive agreements with Pfizer intended to support T-cell receptor discovery and immune data licensing; the agreements include potential milestone payments that could total up to $890 million.
The company also disclosed that its subsidiary, Digital Biotechnologies, secured up to $15 million in Series A financing. Adaptive retains nearly a 50% ownership interest in that subsidiary.
Market-facing commentary from sell-side coverage included a reiteration of an Overweight rating from Piper Sandler.
Research access note
According to the filing, InvestingPro subscribers can access nine additional ProTips and a comprehensive research report on ADPT as part of coverage among more than 1,400 U.S. equities.
The combination of an insider sale, robust revenue growth, strategic partnerships and high valuation metrics presents a mixed picture of Adaptive Biotechnologies' nearer-term profile. The company remains unprofitable on an EBITDA basis even as it expands revenue and enters milestone-based collaboration agreements.