Adicet Bio (NASDAQ:ACET) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $5.00 price objective on the stock.

ACET has been the topic of a number of other research reports. Canaccord Genuity Group reaffirmed a buy rating and set a $19.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th. StockNews.com raised shares of Adicet Bio to a sell rating in a report on Friday, March 22nd. Finally, HC Wainwright reissued a buy rating and issued a $10.00 price target on shares of Adicet Bio in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $12.83.

Adicet Bio Trading Up 5.0 %

Shares of ACET stock opened at $2.10 on Tuesday. Adicet Bio has a 1 year low of $1.10 and a 1 year high of $7.50. The firm’s fifty day simple moving average is $2.33 and its 200 day simple moving average is $2.03. The firm has a market capitalization of $172.56 million, a P/E ratio of -0.63 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last announced its earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.03. Equities research analysts anticipate that Adicet Bio will post -1.72 EPS for the current fiscal year.

Insider Transactions at Adicet Bio

In other Adicet Bio news, Director Orbimed Advisors Llc purchased 3,125,000 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was bought at an average cost of $2.40 per share, with a total value of $7,500,000.00. Following the purchase, the director now directly owns 7,526,359 shares of the company’s stock, valued at $18,063,261.60. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 29.50% of the company’s stock.

Institutional Investors Weigh In On Adicet Bio

Several large investors have recently made changes to their positions in ACET. Acadian Asset Management LLC lifted its holdings in Adicet Bio by 2,182.5% during the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock valued at $715,000 after purchasing an additional 500,095 shares during the last quarter. Acuitas Investments LLC acquired a new stake in Adicet Bio during the 3rd quarter valued at $187,000. Bank of New York Mellon Corp lifted its holdings in Adicet Bio by 30.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after purchasing an additional 30,529 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Adicet Bio by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock worth $155,000 after buying an additional 20,790 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Adicet Bio during the fourth quarter worth $98,000. Institutional investors and hedge funds 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.