Adicet Bio, Inc. (NASDAQ:ACET) Receives Average Recommendation of “Buy” from Brokerages

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have been given an average rating of “Buy” by the five brokerages that are currently covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $14.20.

Several equities analysts have commented on ACET shares. StockNews.com upgraded shares of Adicet Bio to a “sell” rating in a research note on Monday, May 20th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Adicet Bio in a research note on Monday. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a research note on Wednesday, May 15th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $19.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Panagora Asset Management Inc. acquired a new position in shares of Adicet Bio during the 4th quarter worth $98,000. Exchange Traded Concepts LLC raised its stake in Adicet Bio by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock valued at $155,000 after purchasing an additional 20,790 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Adicet Bio in the 1st quarter valued at about $37,000. Vanguard Group Inc. raised its stake in Adicet Bio by 85.5% in the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after purchasing an additional 1,441,503 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new position in Adicet Bio in the 1st quarter valued at about $90,000. Institutional investors and hedge funds own 83.89% of the company’s stock.

Adicet Bio Stock Performance

Shares of ACET opened at $1.27 on Friday. The stock has a market capitalization of $104.36 million, a PE ratio of -0.43 and a beta of 1.80. Adicet Bio has a 1 year low of $1.05 and a 1 year high of $3.77. The company’s 50-day simple moving average is $1.40 and its 200-day simple moving average is $2.06.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Tuesday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting the consensus estimate of ($0.35). On average, sell-side analysts predict that Adicet Bio will post -1.37 earnings per share for the current year.

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.