Shares of Adaptive Biotechnologies Corp (ADPT) surged 11.41% in pre-market trading on Friday, following the company's release of better-than-expected first-quarter results and an improved full-year outlook. The biotechnology firm, which specializes in immune-driven medicine, reported significant growth in key areas and narrowed its losses, surprising analysts and investors alike.

Adaptive Biotechnologies announced a quarterly adjusted loss of $0.20 per share, substantially better than the $0.29 loss per share analysts had predicted. Revenue for the quarter jumped 25.2% year-over-year to $52.44 million, comfortably surpassing the $42.68 million Wall Street had anticipated. The company's MRD (Minimal Residual Disease) segment was a particular bright spot, with revenue climbing 34% compared to the same period last year.

In addition to the strong financial performance, Adaptive Biotechnologies demonstrated improved operational efficiency. The company reported a significant 17 percentage point increase in sequencing gross margin to 62% year-over-year, while also reducing operating expenses by 9%. These improvements, coupled with raised full-year MRD revenue guidance, have bolstered investor confidence in the company's growth trajectory. The positive sentiment was further reinforced by JP Morgan's decision to raise its target price for ADPT from $9 to $10, reflecting increased optimism about the company's prospects in the healthcare sector.