HC Wainwright Reaffirms Buy Rating for Adicet Bio (NASDAQ:ACET)

HC Wainwright restated their buy rating on shares of Adicet Bio (NASDAQ:ACET) in a research note released on Wednesday, Benzinga reports. They currently have a $10.00 price target on the stock.

ACET has been the subject of a number of other reports. Canaccord Genuity Group reissued a buy rating and issued a $19.00 price target on shares of Adicet Bio in a research report on Wednesday, March 20th. Wedbush reissued an outperform rating and issued a $5.00 target price on shares of Adicet Bio in a research report on Tuesday, April 23rd. Finally, StockNews.com upgraded Adicet Bio to a sell rating in a research note on Friday, March 22nd. One 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’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $12.83.

Adicet Bio Stock Performance

Shares of NASDAQ ACET opened at $1.60 on Wednesday. The stock’s 50-day simple moving average is $1.97 and its 200-day simple moving average is $2.05. The firm has a market capitalization of $131.48 million, a PE ratio of -0.54 and a beta of 1.94. Adicet Bio has a fifty-two week low of $1.10 and a fifty-two week high of $6.71.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings data on Tuesday, March 19th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.03. On average, sell-side analysts forecast that Adicet Bio will post -1.82 earnings per share for the current fiscal year.

Institutional Trading of Adicet Bio

Hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. purchased a new stake in shares of Adicet Bio during the first quarter worth approximately $17,721,000. Vanguard Group Inc. increased its stake in Adicet Bio by 85.5% in the 1st 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 during the period. Carlyle Group Inc. increased its stake in Adicet Bio by 39.4% in the 1st quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock valued at $6,900,000 after buying an additional 833,333 shares during the period. Blackstone Inc. purchased a new position in Adicet Bio during the 1st quarter worth $2,906,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Adicet Bio by 2,182.5% in the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock worth $715,000 after acquiring an additional 500,095 shares during the period. 83.89% of the stock is owned by institutional investors and hedge funds.

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.