Adicet Bio (NASDAQ:ACET) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s Why

Adicet Bio, Inc. (NASDAQ:ACET)’s stock price crossed 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 trading hands.

Wall Street Analyst Weigh In

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

Adicet Bio Stock Down 3.6 %

The company has a fifty day moving average of $1.11 and a 200 day moving average of $1.30. The company has a market cap of $76.27 million, a P/E ratio of -0.54 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). As a group, research analysts forecast that Adicet Bio, Inc. will post -1.39 EPS for the current year.

Institutional Trading of Adicet Bio

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

About Adicet Bio

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.