<p>Adaptive Biotechnologies（ADPT）刚刚与辉瑞签署了两项非独占协议，将其 T 细胞受体发现平台和庞大的抗原映射数据集置于辉瑞的类风湿关节炎和人工智能驱动的药物发现工作的核心。</p>
<p>查看我们对 Adaptive Biotechnologies 的最新分析。</p>
<p>辉瑞的合作是在已经显著重新评级的基础上进行的，年初至今股价回报约为 181%，一年总股东回报为 175%，这表明投资者看到 Adaptive 平台周围的势头正在增强，即使在经历了五年的总股东回报的重创之后。</p>
<p>如果这种交易方式让你重新考虑你的医疗保健投资，那么现在可能是探索医疗保健股票作为潜在观察名单候选者的好时机。</p>
<p>在如此戏剧性的重新评级之后，股票现在的交易价格仅略低于共识目标，Adaptive 是否仍然处于雷达下，还是投资者已经为未来几年的增长提前支付了费用？</p>
<h2>最受欢迎的叙述：11% 被低估</h2>
<p>以 19.57 美元的最受关注的公允价值与最后收盘价 17.41 美元相比，该叙述认为 Adaptive 的癌症检测引擎仍有上升空间。</p>
<p><em>盈利能力显著改善，MRD 部门现在实现了 EBITDA 正值，公司整体现金消耗同比改善 36%，这表明业务正在达到规模，并为 Adaptive 提供了运营杠杆和扩展净利润率的机会，随着收入的持续增长。</em></p>
<p>阅读完整叙述。</p>
<p>想看看这种规模转变如何降低更高的价格标签吗？该叙述依赖于加速的收入、上升的利润率和激进的未来收益倍数。好奇这些动态如何结合在一起吗？</p>
<p><strong>结果：公允价值为 19.57 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，持续的亏损以及关键合作伙伴关系或报销的任何失误可能会迅速挑战对持久高利润增长的预期。</p>
<p>了解 Adaptive Biotechnologies 叙述的关键风险。</p>
<h2>估值的另一种视角</h2>
<p>在收入倍数方面，情况看起来截然不同。Adaptive 的市销率为 10.5 倍，而美国生命科学行业为 3.5 倍，同行为 2.7 倍。公允比例为 4.9 倍，表明市场最终可能倾向于较低、较不宽容的倍数。</p>
<p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/efc38c62-73a7-4a2d-bd70-01d6be9f0d7d/chart/ps-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/efc38c62-73a7-4a2d-bd70-01d6be9f0d7d/chart/ps-multiple-vs-industry"/></p>
<p>NasdaqGS:ADPT 截至 2025 年 12 月的市销率</p>
<h2>自己构建 Adaptive Biotechnologies 叙述</h2>
<p>如果你对这个故事有不同的看法，或者想自己深入数字，你可以在几分钟内构建个性化的视角：按你的方式进行。</p>
<p>你对 Adaptive Biotechnologies 研究的一个很好的起点是我们的分析，突出了两个关键奖励和三个可能影响你投资决策的重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>在市场不再等你之前，让 Simply Wall St 为你发掘符合你策略的新机会，帮助你做出更明智的投资决策。</p>
<ul>
<li>通过扫描这些 3635 只财务状况良好的便士股票，提前捕捉潜在的多倍收益，这些股票的市值小，基本面改善，具有重大上行空间。</li>
<li>通过跟踪这些 24 只围绕人工智能建立真实业务而非单纯炒作的 AI 便士股票，提前布局下一波科技浪潮。</li>
<li>通过这些 902 只基于现金流的被低估股票锁定价值机会，强劲的现金流与尚未赶上基本面的价格相结合。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>用于国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

辉瑞

ADPT

<p>Adaptive Biotechnologies (ADPT) 与辉瑞签署了两项非独占协议，增强了其 T 细胞受体发现平台。尽管年初至今股价回报率达到 181%，但该股票被认为低估了 11%，合理价值为 19.57 美元。公司显示出盈利能力和现金消耗的改善，为增长奠定了基础。然而，与行业同行相比，其市销率较高，暗示可能会出现市场调整。建议投资者在投资前考虑关键风险和回报</p>

<p>Adaptive Biotechnologies (ADPT) just signed two non exclusive deals with Pfizer that put its T cell receptor discovery platform and massive antigen mapping dataset at the center of Pfizer’s rheumatoid arthritis and AI driven drug discovery work.</p>
<div class="lb-trans"><p>Adaptive Biotechnologies（ADPT）刚刚与辉瑞签署了两项非独占协议，将其 T 细胞受体发现平台和庞大的抗原映射数据集置于辉瑞的类风湿关节炎和人工智能驱动的药物发现工作的核心。</p>
</div><p>See our latest analysis for Adaptive Biotechnologies.</p>
<div class="lb-trans"><p>查看我们对 Adaptive Biotechnologies 的最新分析。</p>
</div><p>The Pfizer collaborations come on top of an already sharp re rating, with a roughly 181 percent year to date share price return and a 175 percent one year total shareholder return suggesting investors see momentum building around Adaptive’s platform, even after a bruising five year total shareholder return.</p>
<div class="lb-trans"><p>辉瑞的合作是在已经显著重新评级的基础上进行的，年初至今股价回报约为 181%，一年总股东回报为 175%，这表明投资者看到 Adaptive 平台周围的势头正在增强，即使在经历了五年的总股东回报的重创之后。</p>
</div><p>If this kind of deal making has you rethinking your healthcare exposure, it could be a good moment to explore healthcare stocks as potential next candidates for your watchlist.</p>
<div class="lb-trans"><p>如果这种交易方式让你重新考虑你的医疗保健投资，那么现在可能是探索医疗保健股票作为潜在观察名单候选者的好时机。</p>
</div><p>After such a dramatic rerating and a stock now trading only modestly below consensus targets, is Adaptive still flying under the radar, or are investors already paying upfront for years of future growth?</p>
<div class="lb-trans"><p>在如此戏剧性的重新评级之后，股票现在的交易价格仅略低于共识目标，Adaptive 是否仍然处于雷达下，还是投资者已经为未来几年的增长提前支付了费用？</p>
</div><h2>Most Popular Narrative Narrative: 11% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：11% 被低估</h2>
</div><p>With the most followed fair value at $19.57 versus a last close of $17.41, the narrative argues Adaptive’s cancer testing engine still has room to run.</p>
<div class="lb-trans"><p>以 19.57 美元的最受关注的公允价值与最后收盘价 17.41 美元相比，该叙述认为 Adaptive 的癌症检测引擎仍有上升空间。</p>
</div><p><em>Marked improvement in profitability, with the MRD segment now EBITDA positive and company wide cash burn improving 36% year over year, signals the business reaching scale and positions Adaptive for operating leverage and expanding net margins as revenue continues to rise.</em></p>
<div class="lb-trans"><p><em>盈利能力显著改善，MRD 部门现在实现了 EBITDA 正值，公司整体现金消耗同比改善 36%，这表明业务正在达到规模，并为 Adaptive 提供了运营杠杆和扩展净利润率的机会，随着收入的持续增长。</em></p>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to see how this shift to scale backs that higher price tag? The narrative leans on accelerating revenues, rising margins and an aggressive future earnings multiple. Curious how those moving parts fit together?</p>
<div class="lb-trans"><p>想看看这种规模转变如何降低更高的价格标签吗？该叙述依赖于加速的收入、上升的利润率和激进的未来收益倍数。好奇这些动态如何结合在一起吗？</p>
</div><p><strong>Result: Fair Value of $19.57 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 19.57 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, sustained losses and any stumble in key partnerships or reimbursement could quickly challenge expectations for durable, high margin growth.</p>
<div class="lb-trans"><p>然而，持续的亏损以及关键合作伙伴关系或报销的任何失误可能会迅速挑战对持久高利润增长的预期。</p>
</div><p>Find out about the key risks to this Adaptive Biotechnologies narrative.</p>
<div class="lb-trans"><p>了解 Adaptive Biotechnologies 叙述的关键风险。</p>
</div><h2>Another Lens on Valuation</h2>
<div class="lb-trans"><h2>估值的另一种视角</h2>
</div><p>On revenue multiples, the picture looks very different. Adaptive trades at a price to sales ratio of 10.5 times, versus 3.5 times for the US Life Sciences industry and 2.7 times for peers. A fair ratio of 4.9 times suggests the market could eventually lean toward a lower, less forgiving multiple.</p>
<div class="lb-trans"><p>在收入倍数方面，情况看起来截然不同。Adaptive 的市销率为 10.5 倍，而美国生命科学行业为 3.5 倍，同行为 2.7 倍。公允比例为 4.9 倍，表明市场最终可能倾向于较低、较不宽容的倍数。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/efc38c62-73a7-4a2d-bd70-01d6be9f0d7d/chart/ps-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/efc38c62-73a7-4a2d-bd70-01d6be9f0d7d/chart/ps-multiple-vs-industry"/></p>
<p>NasdaqGS:ADPT PS Ratio as at Dec 2025</p>
<div class="lb-trans"><p>NasdaqGS:ADPT 截至 2025 年 12 月的市销率</p>
</div><h2>Build Your Own Adaptive Biotechnologies Narrative</h2>
<div class="lb-trans"><h2>自己构建 Adaptive Biotechnologies 叙述</h2>
</div><p>If you see the story differently or want to dig into the numbers yourself, you can craft a personalized view in just minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你对这个故事有不同的看法，或者想自己深入数字，你可以在几分钟内构建个性化的视角：按你的方式进行。</p>
</div><p>A great starting point for your Adaptive Biotechnologies research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>你对 Adaptive Biotechnologies 研究的一个很好的起点是我们的分析，突出了两个关键奖励和三个可能影响你投资决策的重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Before markets move on without you, put Simply Wall St to work uncovering fresh opportunities that match your strategy and could sharpen your next investing decision.</p>
<div class="lb-trans"><p>在市场不再等你之前，让 Simply Wall St 为你发掘符合你策略的新机会，帮助你做出更明智的投资决策。</p>
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<div class="lb-trans"><ul>
<li>通过扫描这些 3635 只财务状况良好的便士股票，提前捕捉潜在的多倍收益，这些股票的市值小，基本面改善，具有重大上行空间。</li>
<li>通过跟踪这些 24 只围绕人工智能建立真实业务而非单纯炒作的 AI 便士股票，提前布局下一波科技浪潮。</li>
<li>通过这些 902 只基于现金流的被低估股票锁定价值机会，强劲的现金流与尚未赶上基本面的价格相结合。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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<div class="lb-trans"><p>用于国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
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<div class="lb-trans"><p>由 CiTech 赞助</p>
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Adaptive Biotechnologies (ADPT): Valuation Check After New Pfizer T-Cell Discovery and AI Drug Collaboration Deals

- Adaptive Biotechnologies 与 Pfizer 签署两项非独占协议，强化 T 细胞受体发现平台。  
- 公司股价今年回报约 181%，投资者对其平台产生积极预期。  
- 适应性生物技术的市盈率较高，面临持续亏损和关键合作风险。

Adaptive Biotechnologies (ADPT)：在辉瑞的新 T 细胞发现以及 AI 药物合作交易后进行估值审查