StockNews.com Upgrades Adicet Bio (NASDAQ:ACET) to “Hold”

StockNews.com upgraded shares of Adicet Bio (NASDAQ:ACET) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

Several other equities research analysts also recently weighed in on ACET. Wedbush reiterated an outperform rating and issued a $5.00 price target on shares of Adicet Bio in a report on Friday, September 20th. Canaccord Genuity Group reduced their price objective on Adicet Bio from $19.00 to $8.00 and set a buy rating on the stock in a report on Wednesday, September 11th. HC Wainwright restated a neutral rating on shares of Adicet Bio in a report on Monday, September 30th. Finally, Guggenheim assumed coverage on Adicet Bio in a report on Monday, September 30th. They set a buy rating and a $7.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $7.50.

Adicet Bio Price Performance

Shares of NASDAQ ACET opened at $1.39 on Tuesday. The business’s 50 day moving average is $1.44 and its two-hundred day moving average is $1.55. Adicet Bio has a 1-year low of $1.05 and a 1-year high of $3.77. The stock has a market capitalization of $114.54 million, a P/E ratio of -0.55 and a beta of 1.79.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.03. As a group, equities research analysts anticipate that Adicet Bio will post -1.41 earnings per share for the current fiscal year.

Institutional Trading of Adicet Bio

A number of institutional investors have recently made changes to their positions in the business. RA Capital Management L.P. acquired a new stake in Adicet Bio during the 1st quarter worth about $17,721,000. Vanguard Group Inc. lifted its position in Adicet Bio by 85.5% during the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after acquiring an additional 1,441,503 shares during the period. Blackstone Inc. acquired a new stake in Adicet Bio during the 1st quarter worth about $2,906,000. Carlyle Group Inc. lifted its position in Adicet Bio by 39.4% during the 1st quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock worth $6,900,000 after acquiring an additional 833,333 shares during the period. Finally, Acadian Asset Management LLC raised its stake in shares of Adicet Bio by 205.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock valued at $1,312,000 after buying an additional 729,750 shares during the last quarter. Institutional investors and hedge funds 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.