Adicet Bio, Inc. (NASDAQ:ACET) Sees Significant Decline in Short Interest

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 4,620,000 shares, a decrease of 13.5% from the July 15th total of 5,340,000 shares. Based on an average trading volume of 1,040,000 shares, the short-interest ratio is currently 4.4 days.

Adicet Bio Stock Up 7.0 %

ACET stock opened at $1.53 on Monday. Adicet Bio has a 52-week low of $1.05 and a 52-week high of $3.77. The firm has a market cap of $126.07 million, a P/E ratio of -0.52 and a beta of 1.80. The company’s 50-day simple moving average is $1.34 and its 200-day simple moving average is $1.84.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.03. On average, analysts anticipate that Adicet Bio will post -1.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACET has been the subject of several recent research reports. StockNews.com raised shares of Adicet Bio from a “sell” rating to a “hold” rating in a report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Adicet Bio in a report on Wednesday, August 14th. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Adicet Bio in a report on Tuesday, August 13th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $19.00 price target on shares of Adicet Bio in a research report on Wednesday, August 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Adicet Bio has an average rating of “Moderate Buy” and an average target price of $15.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its holdings in Adicet Bio by 478.3% in the 2nd quarter. AQR Capital Management LLC now owns 136,765 shares of the company’s stock worth $165,000 after acquiring an additional 113,115 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Adicet Bio in the second quarter valued at about $62,000. Squarepoint Ops LLC increased its stake in shares of Adicet Bio by 2,728.8% during the second quarter. Squarepoint Ops LLC now owns 362,230 shares of the company’s stock worth $438,000 after purchasing an additional 349,425 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Adicet Bio by 790.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock worth $495,000 after purchasing an additional 363,095 shares during the last quarter. Finally, Point72 DIFC Ltd lifted its stake in Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after buying an additional 14,596 shares in the last quarter. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.