Wedbush Reiterates “Outperform” Rating for Adicet Bio (NASDAQ:ACET)

Wedbush restated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a report released on Thursday morning,RTT News reports. They currently have a $5.00 price objective on the stock.

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

Adicet Bio Stock Performance

Shares of NASDAQ ACET traded down $0.01 during trading hours on Thursday, hitting $1.33. 237,220 shares of the stock were exchanged, compared to its average volume of 1,112,476. The company’s fifty day simple moving average is $1.43 and its two-hundred day simple moving average is $1.43. Adicet Bio has a 1-year low of $1.05 and a 1-year 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 quarterly earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, hitting analysts’ consensus estimates of ($0.34). As a group, sell-side analysts expect that Adicet Bio will post -1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Adicet Bio during the first quarter valued at approximately $28,000. Vanguard Group Inc. boosted its stake in shares of 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 last quarter. American International Group Inc. lifted its position in Adicet Bio by 74.2% during the first 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 in the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Adicet Bio in the first quarter worth about $37,000. Finally, Blackstone Inc. bought a new stake in Adicet Bio during the 1st quarter worth approximately $2,906,000. 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.