Adicet Bio (NASDAQ:ACET) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Adicet Bio (NASDAQ:ACET) from a sell rating to a hold rating in a research note published on Saturday morning.

A number of other research firms have also commented on ACET. HC Wainwright lowered their price objective on shares of Adicet Bio from $50.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, March 23rd. Jefferies Financial Group started coverage on shares of Adicet Bio in a research note on Tuesday, May 5th. They set a “buy” rating and a $19.00 price objective on the stock. Guggenheim decreased their price target on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Truist Financial upgraded shares of Adicet Bio to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Weiss Ratings lowered shares of Adicet Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Adicet Bio has a consensus rating of “Moderate Buy” and an average target price of $48.80.

Adicet Bio Price Performance

NASDAQ ACET opened at $7.68 on Friday. Adicet Bio has a 12 month low of $6.01 and a 12 month high of $17.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.66 and a quick ratio of 7.47. The firm has a market capitalization of $71.81 million, a PE ratio of -0.52 and a beta of 1.50. The company’s 50 day simple moving average is $7.42 and its 200 day simple moving average is $8.23.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($1.88) EPS for the quarter, beating analysts’ consensus estimates of ($2.93) by $1.05. As a group, equities research analysts forecast that Adicet Bio will post -8.61 EPS for the current fiscal year.

Insider Transactions at Adicet Bio

In other Adicet Bio news, major shareholder Ra Capital Management, L.P. purchased 74,751 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were purchased at an average price of $7.27 per share, for a total transaction of $543,439.77. Following the completion of the transaction, the insider owned 1,182,624 shares in the company, valued at $8,597,676.48. This represents a 6.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 223,596 shares of company stock valued at $1,603,934 in the last quarter. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its position in Adicet Bio by 1.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock worth $2,882,000 after buying an additional 63,691 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Adicet Bio in the 4th quarter worth approximately $2,310,000. Prosight Management LP acquired a new position in Adicet Bio in the 4th quarter worth approximately $2,107,000. ADAR1 Capital Management LLC acquired a new position in Adicet Bio in the 4th quarter worth approximately $1,083,000. Finally, Two Sigma Investments LP boosted its stake in Adicet Bio by 66.6% in the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock worth $692,000 after purchasing an additional 341,761 shares during the period. Institutional investors and hedge funds 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.