Adicet Bio (NASDAQ:ACET) Share Price Crosses Below 200 Day Moving Average – Here’s Why

Adicet Bio, Inc. (NASDAQ:ACET)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.30 and traded as low as $0.91. Adicet Bio shares last traded at $0.93, with a volume of 316,004 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ACET shares. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group reduced their target price on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a report on Thursday, November 7th. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a research note on Thursday, December 19th. Finally, Guggenheim started coverage on Adicet Bio in a research report on Monday, September 30th. They set a “buy” rating and a $7.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.50.

Adicet Bio Trading Down 3.6 %

The firm has a market cap of $76.27 million, a PE ratio of -0.54 and a beta of 1.88. The company’s 50-day moving average is $1.11 and its 200 day moving average is $1.30.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). On average, research analysts predict that Adicet Bio, Inc. will post -1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd increased its stake in Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after buying an additional 14,596 shares during the period. Marshall Wace LLP acquired a new position in shares of Adicet Bio in the second quarter worth $43,000. GSA Capital Partners LLP raised its holdings in shares of Adicet Bio by 161.3% during the third quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock worth $56,000 after acquiring an additional 24,203 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Adicet Bio during the second quarter valued at $62,000. Finally, Castleview Partners LLC purchased a new position in Adicet Bio in the third quarter valued at about $75,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.