Adicet Bio (NASDAQ:ACET) Posts Earnings Results, Misses Expectations By $0.20 EPS

Adicet Bio (NASDAQ:ACET) issued its earnings results on Thursday. The company reported ($1.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.20), FiscalAI reports.

Adicet Bio Stock Down 5.8%

Shares of ACET traded down $0.18 during midday trading on Thursday, reaching $2.92. 420,276 shares of the stock were exchanged, compared to its average volume of 218,410. Adicet Bio has a 52 week low of $2.87 and a 52 week high of $11.37. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $6.67 and its two-hundred day moving average is $7.59. The company has a market capitalization of $27.33 million, a P/E ratio of -0.26 and a beta of 1.69.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ACET. Wedbush reiterated an “outperform” rating and set a $28.00 price objective (up from $25.00) on shares of Adicet Bio in a report on Monday, September 28th. HC Wainwright upped their target price on shares of Adicet Bio from $27.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, September 28th. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price (down from $100.00) on shares of Adicet Bio in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Saturday, October 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adicet Bio in a research note on Friday, August 21st. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.80.

About Adicet Bio

Adicet Bio, Inc is a clinical-stage biotechnology company developing allogeneic T-cell therapies for the treatment of cancer. The company’s platform is focused on genetically engineered gamma delta T cells, an immune-cell type that can recognize and attack abnormal cells while potentially offering advantages for off-the-shelf cell therapy development.

Adicet’s product candidates are designed to incorporate chimeric antigen receptors and other modifications intended to improve tumor targeting, persistence, and activity.