Adicet Bio (NASDAQ:ACET) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research note published on Friday, Benzinga reports. They currently have a $5.00 price target on the stock.

Several other equities analysts also recently weighed in on the company. StockNews.com downgraded Adicet Bio from a hold rating to a sell rating in a research report on Tuesday, September 10th. Canaccord Genuity Group reduced their price objective on Adicet Bio from $19.00 to $8.00 and set a buy rating for the company in a research note on Wednesday, September 11th. Finally, HC Wainwright reaffirmed a neutral rating on shares of Adicet Bio in a research note on Thursday, September 19th.

Adicet Bio Stock Down 6.5 %

NASDAQ:ACET opened at $1.43 on Friday. Adicet Bio has a 52 week low of $1.05 and a 52 week high of $3.77. The stock’s 50-day moving average price is $1.44 and its 200-day moving average price is $1.61. The stock has a market capitalization of $117.51 million, a PE ratio of -0.48 and a beta of 1.79.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.03. Sell-side analysts expect that Adicet Bio will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of Adicet Bio

Several large investors have recently added to or reduced their stakes in ACET. Panagora Asset Management Inc. acquired a new position in Adicet Bio in the 4th quarter valued at about $98,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Adicet Bio in the first quarter valued at approximately $28,000. Carlyle Group Inc. grew its position in Adicet Bio by 39.4% in the first 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. Vanguard Group Inc. increased its stake in Adicet Bio by 85.5% during the first 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. Finally, American International Group Inc. increased its stake in Adicet Bio by 74.2% during the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after acquiring an additional 11,214 shares during the last quarter. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

Adicet Bio Company Profile

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.