Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Update

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 262,357 shares, a drop of 33.9% from the July 30th total of 397,053 shares. Based on an average daily volume of 82,757 shares, the short-interest ratio is currently 3.2 days. Currently, 2.9% of the shares of the stock are short sold.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds have recently made changes to their positions in ACET. Goldman Sachs Group Inc. lifted its stake in shares of 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 acquiring an additional 63,691 shares during the period. Two Sigma Investments LP increased its position in Adicet Bio by 66.6% during the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock valued at $692,000 after purchasing an additional 341,761 shares during the period. Franklin Resources Inc. bought a new position in Adicet Bio during the 4th quarter worth approximately $5,276,000. Citadel Advisors LLC raised its holdings in Adicet Bio by 19.8% during the 3rd quarter. Citadel Advisors LLC now owns 583,948 shares of the company’s stock worth $473,000 after purchasing an additional 96,342 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Adicet Bio in the 4th quarter worth approximately $2,310,000. 83.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ACET has been the subject of several recent analyst reports. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective (down from $100.00) on shares of Adicet Bio in a research report on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research report on Friday, August 21st. Wall Street Zen downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Finally, Jefferies Financial Group upgraded shares of Adicet Bio to a “strong-buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.80.

Adicet Bio Price Performance

Shares of NASDAQ:ACET opened at $9.26 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.71 and a current ratio of 6.71. Adicet Bio has a 52 week low of $6.01 and a 52 week high of $17.44. The firm has a market cap of $86.67 million, a PE ratio of -0.81 and a beta of 1.58. The firm’s fifty day moving average is $8.67 and its 200-day moving average is $7.95.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30). Sell-side analysts predict that Adicet Bio will post -6.76 earnings per share for the current year.

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.