Adicet Bio (NASDAQ:ACET) Releases Quarterly Earnings Results

Adicet Bio (NASDAQ:ACET) released its earnings results on Thursday. The company reported ($2.94) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.23) by $0.29, FiscalAI reports.

Adicet Bio Price Performance

Shares of ACET traded up $0.22 on Friday, reaching $7.26. The stock had a trading volume of 70,657 shares, compared to its average volume of 172,026. Adicet Bio has a twelve month low of $6.41 and a twelve month high of $17.44. The firm has a market capitalization of $69.51 million, a PE ratio of -0.36 and a beta of 1.56. The firm has a 50-day moving average of $7.66 and a 200 day moving average of $10.11. The company has a quick ratio of 5.62, a current ratio of 5.62 and a debt-to-equity ratio of 0.01.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $50.00 target price (up from $9.00) on shares of Adicet Bio in a research report on Wednesday, January 21st. Canaccord Genuity Group set a $18.00 price objective on shares of Adicet Bio and gave the company a “buy” rating in a research note on Tuesday, January 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research report on Tuesday, January 27th. Guggenheim reduced their target price on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating for the company in a research note on Friday. Finally, Citigroup reaffirmed a “market perform” rating on shares of Adicet Bio in a report on Wednesday, November 19th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Adicet Bio currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. purchased a new position in Adicet Bio in the 4th quarter valued at about $5,276,000. Two Sigma Investments LP grew its holdings in shares of Adicet Bio by 66.6% during the third quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock worth $692,000 after buying an additional 341,761 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of Adicet Bio in the fourth quarter valued at approximately $2,310,000. Prosight Management LP acquired a new position in shares of Adicet Bio in the fourth quarter valued at approximately $2,107,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Adicet Bio during the fourth quarter valued at approximately $1,083,000. Institutional investors and hedge funds own 83.89% of the company’s stock.

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.