Adicet Bio’s (ACET) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a report released on Thursday morning,RTT News reports. The brokerage currently has a $5.00 price target on the stock.

Several other research firms have also weighed in on ACET. Guggenheim initiated coverage on Adicet Bio in a research note on Monday, September 30th. They set a “buy” rating and a $7.00 price objective for the company. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a research report on Thursday. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research note on Wednesday, October 16th. Finally, Canaccord Genuity Group dropped their target price on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.50.

Adicet Bio Stock Performance

Shares of NASDAQ:ACET traded down $0.01 during midday trading on Thursday, hitting $1.33. 237,220 shares of the company’s stock traded hands, compared to its average volume of 1,112,476. The firm’s fifty day moving average price is $1.43 and its two-hundred day moving average price is $1.43. Adicet Bio has a twelve month low of $1.05 and a twelve month high of $3.77. The company has a market cap of $109.18 million, a PE ratio of -0.78 and a beta of 1.81.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). As a group, equities research analysts anticipate that Adicet Bio will post -1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Adicet Bio in the 1st quarter valued at $28,000. Price T Rowe Associates Inc. MD bought a new position in Adicet Bio during the 1st quarter worth about $37,000. Point72 DIFC Ltd raised its holdings in shares of Adicet Bio by 77.5% in the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after purchasing an additional 14,596 shares during the last quarter. Marshall Wace LLP bought a new stake in Adicet Bio during the 2nd quarter worth about $43,000. Finally, GSA Capital Partners LLP raised its stake in shares of Adicet Bio by 161.3% during the 3rd quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock worth $56,000 after purchasing an additional 24,203 shares in the last quarter. 83.89% of the stock is currently 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.