Adicet Bio (NASDAQ:ACET) Stock Passes Below 200-Day Moving Average – Here’s Why

Adicet Bio, Inc. (NASDAQ:ACET) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.17 and traded as low as $7.05. Adicet Bio shares last traded at $7.61, with a volume of 93,711 shares.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup reaffirmed a “market perform” rating on shares of Adicet Bio in a research report on Wednesday, November 19th. Canaccord Genuity Group set a $18.00 price objective on Adicet Bio and gave the stock a “buy” rating in a research report on Tuesday, January 6th. HC Wainwright reissued a “buy” rating and issued a $50.00 price objective (up from $9.00) on shares of Adicet Bio in a research note on Wednesday, January 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Adicet Bio currently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Adicet Bio Stock Down 0.8%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.62 and a current ratio of 5.62. The firm’s 50 day moving average price is $7.69 and its two-hundred day moving average price is $10.13. The company has a market cap of $71.56 million, a P/E ratio of -0.37 and a beta of 1.56.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors and hedge funds have recently made changes to their positions in ACET. Susquehanna International Group LLP acquired a new stake in shares of Adicet Bio in the 3rd quarter valued at about $33,000. Squarepoint Ops LLC acquired a new position in Adicet Bio during the 3rd quarter worth approximately $38,000. FNY Investment Advisers LLC bought a new position in Adicet Bio in the fourth quarter worth approximately $51,000. Virtu Financial LLC bought a new position in Adicet Bio in the third quarter worth approximately $65,000. Finally, Wealthedge Investment Advisors LLC grew its stake in Adicet Bio by 37.4% in the second quarter. Wealthedge Investment Advisors LLC now owns 313,108 shares of the company’s stock valued at $191,000 after acquiring an additional 85,307 shares during the period. Institutional investors own 83.89% of the company’s stock.

Adicet Bio Company Profile

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.