Adicet Bio (NASDAQ:ACET) Receives New Coverage from Analysts at Guggenheim

Guggenheim initiated coverage on shares of Adicet Bio (NASDAQ:ACET) in a report released on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

ACET has been the topic of a number of other reports. Canaccord Genuity Group reduced their target price on shares of Adicet Bio from $19.00 to $8.00 and set a buy rating on the stock in a report on Wednesday, September 11th. Wedbush restated an outperform rating and set a $5.00 price objective on shares of Adicet Bio in a research report on Friday, September 20th. StockNews.com cut Adicet Bio from a hold rating to a sell rating in a report on Tuesday, September 10th. Finally, HC Wainwright restated a neutral rating on shares of Adicet Bio in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $7.50.

Adicet Bio Trading Down 4.7 %

NASDAQ:ACET opened at $1.42 on Monday. The business’s 50-day moving average is $1.46 and its 200 day moving average is $1.57. Adicet Bio has a 12 month low of $1.05 and a 12 month high of $3.77. The company has a market capitalization of $117.01 million, a P/E ratio of -0.48 and a beta of 1.79.

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

Institutional Investors Weigh In On Adicet Bio

Several hedge funds and other institutional investors have recently modified their holdings of ACET. American International Group Inc. grew its position in Adicet Bio by 74.2% in the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after acquiring an additional 11,214 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Adicet Bio in the first quarter worth about $28,000. American Century Companies Inc. increased its stake in Adicet Bio by 22.9% in the 2nd quarter. American Century Companies Inc. now owns 76,087 shares of the company’s stock worth $92,000 after buying an additional 14,196 shares during the period. Point72 DIFC Ltd lifted its holdings in Adicet Bio by 77.5% during the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after buying an additional 14,596 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Adicet Bio in the 1st quarter valued at about $37,000. 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.