Chad Robins, CEO of Adaptive Biotechnologies.
Anjali Sundaram | CNBC
Adaptive Biotechnology shares fell more than 10% in afternoon trading Tuesday after the biotechnology company suffered a larger loss than expected in its first earnings report since its publication.
The company had a loss of $ 1.23 a share, down from a loss of $ 1.01 the year before. Revenues came in at $ 22.1 million, up 91% from a year earlier and higher than the $ 1
"We are making significant advances across key catalysts that will enable the near-term use of product applications across life sciences research, clinical diagnostics and medical discoveries, and unlock one of the largest global addressable healthcare markets," said Adadive Biotechnology CEO Chad Robins in a statement.
Adaptive, which is developing what it calls an "immune medicine platform" to treat various diseases, was published on Nasdaq on June 27. Adaptive Biotechnologies closed more than 100% for $ 40.30 per share on its first trading day, making it at that time in the top five IPOs of the year.
The stock closed at $ 43.08 per share Tuesday, up about 6.9% since the IPO.