Analysts Set Adicet Bio, Inc. (NASDAQ:ACET) Target Price at $14.20

Adicet Bio, Inc. (NASDAQ:ACET) has earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $14.20.

A number of research firms have commented on ACET. Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Adicet Bio in a research report on Wednesday, May 15th. HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Adicet Bio in a research report on Wednesday, June 5th. StockNews.com upgraded Adicet Bio to a “sell” rating in a research report on Monday, May 20th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $19.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th.

Adicet Bio Price Performance

Adicet Bio stock opened at $1.35 on Tuesday. Adicet Bio has a 1-year low of $1.10 and a 1-year high of $4.81. The company has a market cap of $110.93 million, a PE ratio of -0.46 and a beta of 1.94. The stock’s 50 day moving average price is $1.66 and its 200 day moving average price is $2.08.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.35). On average, equities research analysts anticipate that Adicet Bio will post -1.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors have recently made changes to their positions in the stock. American International Group Inc. raised its holdings in shares of Adicet Bio by 74.2% in the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after acquiring an additional 11,214 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Adicet Bio in the first quarter valued at $28,000. Price T Rowe Associates Inc. MD acquired a new position in Adicet Bio in the first quarter valued at $37,000. Exchange Traded Concepts LLC increased its stake in Adicet Bio by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock valued at $155,000 after purchasing an additional 20,790 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Adicet Bio by 30.3% in the third quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after purchasing an additional 30,529 shares during the last quarter. 83.89% of the stock is owned by institutional investors and hedge funds.

About Adicet Bio

Adicet Bio, Inc, a clinical stage biotechnology company, discovers and develops allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. The company offers gamma delta T cells engineered with chimeric antigen receptors (CARs) to facilitate durable activity in patients. Its lead product candidate is ADI-001, an allogeneic gamma delta T cell therapy expressing a CAR targeting CD20, which is in Phase I clinical trial for the treatment of autoimmune diseases and relapsed or refractory aggressive B cell non-Hodgkin's lymphoma.