Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Increases By 6.1%

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 3,650,000 shares, a growth of 6.1% from the October 31st total of 3,440,000 shares. Based on an average daily volume of 529,000 shares, the days-to-cover ratio is currently 6.9 days.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACET. Vanguard Group Inc. boosted its stake in Adicet Bio by 85.5% in the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after buying an additional 1,441,503 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Adicet Bio during the 1st quarter valued at approximately $37,000. Acadian Asset Management LLC increased its position in Adicet Bio by 205.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock worth $1,312,000 after purchasing an additional 729,750 shares in the last quarter. American Century Companies Inc. lifted its stake in Adicet Bio by 22.9% in the 2nd quarter. American Century Companies Inc. now owns 76,087 shares of the company’s stock valued at $92,000 after purchasing an additional 14,196 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Adicet Bio by 44.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock valued at $1,830,000 after buying an additional 463,600 shares in the last quarter. 83.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ACET. Guggenheim initiated 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 decreased their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a report on Monday, November 18th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Adicet Bio in a report on Thursday, November 7th. Finally, StockNews.com cut Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Adicet Bio has an average rating of “Hold” and an average target price of $7.50.

Adicet Bio Stock Performance

Shares of NASDAQ ACET traded down $0.02 during midday trading on Wednesday, reaching $1.08. The company’s stock had a trading volume of 184,734 shares, compared to its average volume of 1,100,469. The company has a market cap of $88.99 million, a P/E ratio of -0.63 and a beta of 1.88. The business’s 50 day moving average price is $1.28 and its two-hundred day moving average price is $1.36. Adicet Bio has a fifty-two week low of $0.89 and a fifty-two week high of $3.77.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). Sell-side analysts forecast that Adicet Bio will post -1.39 earnings per share for the current fiscal year.

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.