Wedbush Reaffirms “Outperform” Rating for Adicet Bio (NASDAQ:ACET)

Wedbush reaffirmed their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research report report published on Friday morning, Benzinga reports. They currently have a $5.00 target price on the stock.

Other equities analysts also recently issued research reports about the company. StockNews.com downgraded Adicet Bio from a hold rating to a sell rating in a research report on Tuesday, September 10th. Canaccord Genuity Group decreased their price objective on Adicet Bio from $19.00 to $8.00 and set a buy rating for the company in a research note on Wednesday, September 11th. Finally, HC Wainwright restated a neutral rating on shares of Adicet Bio in a research report on Thursday.

Adicet Bio Stock Up 0.7 %

Shares of NASDAQ:ACET opened at $1.53 on Friday. Adicet Bio has a twelve month low of $1.05 and a twelve month high of $3.77. The company has a market cap of $125.73 million, a price-to-earnings ratio of -0.52 and a beta of 1.79. The business has a 50 day moving average price of $1.44 and a 200 day moving average price of $1.62.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.03. Analysts anticipate that Adicet Bio will post -1.35 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds have recently added to or reduced their stakes in ACET. Point72 DIFC Ltd lifted its stake in Adicet Bio by 77.5% during the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after purchasing an additional 14,596 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in shares of Adicet Bio by 790.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock valued at $495,000 after buying an additional 363,095 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Adicet Bio in the second quarter valued at about $62,000. Stonepine Capital Management LLC raised its position in shares of Adicet Bio by 330.6% during the second quarter. Stonepine Capital Management LLC now owns 609,446 shares of the company’s stock worth $737,000 after acquiring an additional 467,898 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Adicet Bio by 478.3% in the 2nd quarter. AQR Capital Management LLC now owns 136,765 shares of the company’s stock worth $165,000 after purchasing an additional 113,115 shares during the period. 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.