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

Adicet Bio (NASDAQ:ACET) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

Several other analysts have also recently commented on the stock. Canaccord Genuity Group decreased their price target on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a research note on Monday, September 30th. Guggenheim assumed coverage on shares of Adicet Bio in a report on Monday, September 30th. They issued a “buy” rating and a $7.00 price objective on the stock. Finally, Wedbush restated an “outperform” rating and issued a $5.00 price objective on shares of Adicet Bio in a report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

Adicet Bio Stock Performance

Adicet Bio stock traded up $0.02 during trading hours on Tuesday, hitting $1.43. 207,209 shares of the stock were exchanged, compared to its average volume of 587,882. The stock has a market capitalization of $117.83 million, a P/E ratio of -0.48 and a beta of 1.79. Adicet Bio has a 12 month low of $1.05 and a 12 month high of $3.77. The business’s 50-day moving average is $1.45 and its two-hundred day moving average is $1.56.

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

Institutional Investors Weigh In On Adicet Bio

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Adicet Bio by 85.5% in the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after purchasing an additional 1,441,503 shares during the period. Acadian Asset Management LLC raised its holdings in Adicet Bio by 205.4% in the second quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock worth $1,312,000 after purchasing an additional 729,750 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in Adicet Bio in the first quarter worth $37,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Adicet Bio in the first quarter worth $28,000. Finally, Cubist Systematic Strategies LLC raised its holdings in Adicet Bio by 790.1% in the second quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock worth $495,000 after purchasing an additional 363,095 shares during the period. 83.89% of the stock is currently owned by institutional investors and hedge funds.

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.