Adicet Bio’s (ACET) “Outperform” Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research report released on Tuesday morning, RTT News reports. The firm currently has a $5.00 target price on the stock.

Several other research firms also recently weighed in on ACET. HC Wainwright restated a buy rating and set a $10.00 price objective on shares of Adicet Bio in a report on Monday, July 8th. StockNews.com upgraded shares of Adicet Bio to a sell rating in a report on Monday, May 20th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $15.25.

Adicet Bio Price Performance

Shares of ACET opened at $1.43 on Tuesday. Adicet Bio has a one year low of $1.05 and a one year high of $3.77. The company has a market cap of $117.51 million, a PE ratio of -0.48 and a beta of 1.80. The stock has a 50-day moving average of $1.33 and a 200-day moving average of $1.87.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.03. Analysts expect that Adicet Bio will post -1.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of Adicet Bio by 478.3% during the second quarter. AQR Capital Management LLC now owns 136,765 shares of the company’s stock valued at $165,000 after purchasing an additional 113,115 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Adicet Bio in the 2nd quarter valued at about $62,000. Squarepoint Ops LLC lifted its position in shares of Adicet Bio by 2,728.8% during the 2nd quarter. Squarepoint Ops LLC now owns 362,230 shares of the company’s stock worth $438,000 after buying an additional 349,425 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Adicet Bio by 790.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock worth $495,000 after buying an additional 363,095 shares in the last quarter. Finally, Point72 DIFC Ltd boosted its stake in shares of Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after buying an additional 14,596 shares during the last quarter. 83.89% of the stock is 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.