Adicet Bio (NASDAQ:ACET) Earns Outperform Rating from Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They presently have a $5.00 price objective on the stock. Wedbush’s target price suggests a potential upside of 281.68% from the company’s previous close.

Other analysts have also issued reports about the stock. HC Wainwright restated a “neutral” rating on shares of Adicet Bio in a report on Wednesday, October 16th. Guggenheim assumed coverage on shares of Adicet Bio in a research note on Monday, September 30th. They issued a “buy” rating and a $7.00 price target on the stock. Canaccord Genuity Group lowered their price objective on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Finally, StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.50.

Adicet Bio Trading Down 1.5 %

Shares of ACET opened at $1.31 on Thursday. Adicet Bio has a 12-month low of $1.05 and a 12-month high of $3.77. The firm has a market capitalization of $107.94 million, a P/E ratio of -0.77 and a beta of 1.81. The firm has a 50-day moving average price of $1.43 and a 200 day moving average price of $1.43.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.34). Equities research analysts predict that Adicet Bio will post -1.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in Adicet Bio in the 1st quarter valued at approximately $28,000. Vanguard Group Inc. raised its holdings in shares of Adicet Bio by 85.5% in the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after purchasing an additional 1,441,503 shares in the last quarter. American International Group Inc. lifted its holdings in Adicet Bio by 74.2% during the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after buying an additional 11,214 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Adicet Bio in the 1st quarter valued at about $37,000. Finally, Blackstone Inc. acquired a new stake in shares of Adicet Bio during the 1st quarter worth about $2,906,000. 83.89% of the stock is owned by hedge funds and other institutional investors.

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.