BTIG analyst Mark Massaro reiterated a Buy rating and $22.00 price target on Adeptus Biotechnologies Corp. (NASDAQ: ADPT).

The analyst commented: "ADPT announced two significant business updates: (1) an upsized $300M (up from $250M) convertible senior notes offering and (2) a decision to separate its MRD and immune medicine (IM) businesses. While shares have pulled back modestly (due to nuances of the convert), we view the news as a positive for ADPT. We (and others) have long viewed the Immune Medicine business as non-core (at best), and we believe the separation of IM from its core MRD business can enhance the value of at least its core. We spoke to management shortly after the news was announced, and we come away feeling good about both moves. Management noted that these announcements come from a position of strength at ADPT and noted that they continue to see incredibly strong momentum across all applications of its MRD business. We reiterate our Buy rating and $22 PT on ADPT."

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Shares of Adeptus Biotechnologies Corp. closed at $17.22 yesterday.