Adicet Bio (NASDAQ:ACET) Announces Quarterly Earnings Results, Beats Estimates By $1.05 EPS

Adicet Bio (NASDAQ:ACET) issued its quarterly earnings data on Wednesday. The company reported ($1.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.93) by $1.05, Zacks reports.

Adicet Bio Trading Up 4.2%

Adicet Bio stock opened at $8.41 on Friday. The stock has a market cap of $80.74 million, a PE ratio of -0.56 and a beta of 1.50. The stock has a 50-day moving average price of $7.42 and a 200 day moving average price of $8.23. Adicet Bio has a 52 week low of $6.01 and a 52 week high of $17.44.

Insider Buying and Selling

In related news, major shareholder Ra Capital Management, L.P. acquired 74,751 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average price of $7.27 per share, for a total transaction of $543,439.77. Following the transaction, the insider owned 1,182,624 shares in the company, valued at $8,597,676.48. This trade represents a 6.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders bought 223,596 shares of company stock worth $1,603,934. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Adicet Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP purchased a new stake in Adicet Bio during the 3rd quarter worth about $33,000. Squarepoint Ops LLC purchased a new stake in Adicet Bio during the 3rd quarter worth about $38,000. Virtu Financial LLC purchased a new stake in Adicet Bio during the 3rd quarter worth about $65,000. Citadel Advisors LLC increased its position in Adicet Bio by 19.8% during the 3rd quarter. Citadel Advisors LLC now owns 583,948 shares of the company’s stock worth $473,000 after purchasing an additional 96,342 shares in the last quarter. Finally, Luminus Management LLC purchased a new stake in shares of Adicet Bio in the fourth quarter valued at $501,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ACET shares. HC Wainwright reduced their price objective on Adicet Bio from $50.00 to $27.00 and set a “buy” rating for the company in a report on Monday, March 23rd. Wall Street Zen raised Adicet Bio from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings cut Adicet Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday. Jefferies Financial Group started coverage on Adicet Bio in a report on Tuesday, May 5th. They set a “buy” rating and a $19.00 price objective for the company. Finally, Truist Financial raised Adicet Bio to a “strong-buy” rating in a report on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.80.

About Adicet Bio

Adicet Bio, Inc (NASDAQ: ACET) is a clinical?stage biotechnology company specializing in the development of off?the?shelf, allogeneic gamma delta (??) T cell therapies for oncology and autoimmune disorders. The company’s proprietary platform enables the genetic engineering of ?? T cells with chimeric antigen receptors (CARs) and other molecular modifications to enhance tumor targeting, expansion, and persistence. By leveraging the innate tumor-recognition properties of ?? T cells, Adicet seeks to overcome the manufacturing and safety challenges associated with autologous cell therapies.

Adicet’s lead product candidate, ADI-001, is a CAR?engineered allogeneic ?? T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.