Adaptive Biotechnologies Corporation

Driehaus's $44.8M initiation in ADPT signals conviction in the company's TCR-engineered T-cell platform, particularly clonotyping capabilities for cancer immunotherapy; the position size (2.76M shares) represents meaningful allocation from a growth-focused manager. Key near-term catalysts include clinical readouts for ADPT's lead programs (e.g., ongoing solid tumor trials) and potential partnerships, though ADPT faces competitive pressure from established CAR-T players and execution risk on manufacturing scale.