Adicet Bio, Inc. (NASDAQ:ACET) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have been given an average rating of “Moderate Buy” by the eight brokerages that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $12.83.

Several research analysts have commented on the company. StockNews.com upgraded Adicet Bio to a “sell” rating in a research note on Friday, March 22nd. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Adicet Bio in a research report on Tuesday, April 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $19.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a report on Tuesday.

Adicet Bio Stock Down 7.2 %

Shares of NASDAQ ACET opened at $1.68 on Monday. Adicet Bio has a 52 week low of $1.10 and a 52 week high of $7.50. The business has a 50-day simple moving average of $2.26 and a two-hundred day simple moving average of $2.03. The company has a market cap of $138.05 million, a P/E ratio of -0.51 and a beta of 1.88.

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

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds and other institutional investors have recently modified their holdings of ACET. Summit Trail Advisors LLC boosted its holdings in shares of Adicet Bio by 80.0% in the 3rd quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company’s stock worth $25,000 after purchasing an additional 8,000 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of Adicet Bio in the 3rd quarter worth about $39,000. Exchange Traded Concepts LLC boosted its holdings in Adicet Bio by 107.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 61,196 shares of the company’s stock valued at $84,000 after acquiring an additional 31,706 shares during the period. Panagora Asset Management Inc. purchased a new stake in Adicet Bio during the 4th quarter valued at about $98,000. Finally, Bank of New York Mellon Corp boosted 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 acquiring an additional 30,529 shares during the period. 83.89% of the stock is currently 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.