Adicet Bio (NASDAQ:ACET) Receives “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a $5.00 price target on the stock.

Several other brokerages have also recently weighed in on ACET. StockNews.com raised Adicet Bio to a sell rating in a research note on Friday, March 22nd. HC Wainwright reaffirmed a buy rating and set a $10.00 target price on shares of Adicet Bio in a research note on Tuesday, April 2nd. Finally, Canaccord Genuity Group reaffirmed a buy rating and set a $19.00 target price on shares of Adicet Bio in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $12.83.

Adicet Bio Stock Performance

NASDAQ:ACET opened at $1.68 on Tuesday. Adicet Bio has a 1 year low of $1.10 and a 1 year high of $7.50. The stock has a market cap of $138.05 million, a price-to-earnings ratio of -0.51 and a beta of 1.88. The business has a fifty day moving average of $2.26 and a 200-day moving average of $2.03.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.03. On average, equities research analysts predict that Adicet Bio will post -1.72 EPS for the current year.

Institutional Investors Weigh In On Adicet Bio

Several hedge funds have recently modified their holdings of the stock. Summit Trail Advisors LLC lifted its holdings in shares of Adicet Bio by 80.0% during the third quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company’s stock valued at $25,000 after purchasing an additional 8,000 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Adicet Bio by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock valued at $155,000 after purchasing an additional 20,790 shares during the last quarter. Marquette Asset Management LLC purchased a new stake in shares of Adicet Bio during the third quarter valued at $39,000. Bank of New York Mellon Corp lifted its holdings in shares of Adicet Bio by 30.3% during the third quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after purchasing an additional 30,529 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in Adicet Bio in the 4th quarter worth about $98,000. 83.89% of the stock is owned by hedge funds and other institutional investors.

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.