Adicet Bio (NASDAQ:ACET) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a research report sent to investors on Saturday.

ACET has been the subject of a number of other reports. Guggenheim reiterated a “buy” rating and issued a $90.00 price target (down from $100.00) on shares of Adicet Bio in a research note on Thursday, August 6th. Jefferies Financial Group assumed coverage on Adicet Bio in a research note on Tuesday, May 5th. They set a “buy” rating and a $19.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.80.

Adicet Bio Stock Performance

Shares of ACET stock opened at $9.06 on Friday. The business’s fifty day simple moving average is $8.62 and its 200-day simple moving average is $7.90. The company has a market cap of $84.80 million, a PE ratio of -0.79 and a beta of 1.60. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.01. Adicet Bio has a 12-month low of $6.01 and a 12-month high of $17.44.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.99) EPS for the quarter, missing the consensus estimate of ($1.69) by ($0.30). Analysts expect that Adicet Bio will post -6.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

A number of large investors have recently made changes to their positions in ACET. Goldman Sachs Group Inc. raised its stake in Adicet Bio by 1.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock worth $2,882,000 after acquiring an additional 63,691 shares during the last quarter. Two Sigma Investments LP grew its stake in Adicet Bio by 66.6% during the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock valued at $692,000 after purchasing an additional 341,761 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Adicet Bio during the 4th quarter valued at about $5,276,000. Citadel Advisors LLC increased its holdings in shares of Adicet Bio by 19.8% in the third quarter. Citadel Advisors LLC now owns 583,948 shares of the company’s stock valued at $473,000 after purchasing an additional 96,342 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Adicet Bio in the fourth quarter valued at about $2,310,000. 83.89% of the stock is owned by hedge funds and other institutional investors.

About Adicet Bio

Adicet Bio, Inc (NASDAQ: ACET) is a clinical‐stage biotechnology company specializing in the development of off‐the‐shelf, allogeneic gamma delta (γδ) T cell therapies for oncology and autoimmune disorders. The company’s proprietary platform enables the genetic engineering of γδ T cells with chimeric antigen receptors (CARs) and other molecular modifications to enhance tumor targeting, expansion, and persistence. By leveraging the innate tumor-recognition properties of γδ T cells, Adicet seeks to overcome the manufacturing and safety challenges associated with autologous cell therapies.

Adicet’s lead product candidate, ADI-001, is a CAR‐engineered allogeneic γδ T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.