Adicet Bio (NASDAQ:ACET) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Adicet Bio (NASDAQ:ACET) from a sell rating to a hold rating in a report published on Tuesday morning.

ACET has been the subject of several other research reports. Wedbush restated an outperform rating and set a $5.00 target price on shares of Adicet Bio in a research note on Friday, September 20th. Guggenheim began coverage on Adicet Bio in a report on Monday, September 30th. They issued a buy rating and a $7.00 price objective for the company. Canaccord Genuity Group cut 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. Finally, HC Wainwright reiterated a neutral rating on shares of Adicet Bio in a research note on Monday, September 30th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Adicet Bio presently has an average rating of Moderate Buy and an average price target of $7.50.

Adicet Bio Trading Down 1.4 %

Adicet Bio stock opened at $1.40 on Tuesday. The firm has a market capitalization of $115.36 million, a P/E ratio of -0.47 and a beta of 1.79. Adicet Bio has a twelve month low of $1.05 and a twelve month high of $3.77. The stock’s fifty day simple moving average is $1.44 and its 200-day simple moving average is $1.55.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. acquired a new stake in Adicet Bio in the 1st quarter valued at about $17,721,000. Vanguard Group Inc. grew its position in shares of Adicet Bio by 85.5% in the first 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. Carlyle Group Inc. increased its stake in shares of Adicet Bio by 39.4% during the 1st quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock worth $6,900,000 after purchasing an additional 833,333 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Adicet Bio by 44.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock worth $1,830,000 after purchasing an additional 463,600 shares during the last quarter. Finally, Blackstone Inc. purchased a new stake in Adicet Bio in the 1st quarter valued at approximately $2,906,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.