Adicet Bio, Inc. (NASDAQ:ACET) Given Average Rating of “Buy” by Analysts

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have earned a consensus rating of “Buy” from the five brokerages that are currently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $14.20.

ACET has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Adicet Bio in a research report on Monday, July 8th. StockNews.com raised Adicet Bio to a “sell” rating in a research report on Monday, May 20th. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a research report on Wednesday, May 15th.

Adicet Bio Trading Down 4.6 %

ACET opened at $1.44 on Wednesday. The firm has a market cap of $118.32 million, a price-to-earnings ratio of -0.49 and a beta of 1.80. Adicet Bio has a 12 month low of $1.05 and a 12 month high of $3.77. The stock has a fifty day moving average price of $1.35 and a 200-day moving average price of $1.93.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). On average, equities research analysts forecast that Adicet Bio will post -1.37 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. RA Capital Management L.P. acquired a new position in Adicet Bio during the 1st quarter valued at about $17,721,000. Bayesian Capital Management LP purchased a new stake in Adicet Bio during the 1st quarter valued at about $90,000. Blackstone Inc. purchased a new stake in Adicet Bio during the 1st quarter valued at about $2,906,000. Price T Rowe Associates Inc. MD purchased a new stake in Adicet Bio during the 1st quarter valued at about $37,000. Finally, American International Group Inc. grew its stake in Adicet Bio by 74.2% during the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after purchasing an additional 11,214 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.