Adicet Bio, Inc. (NASDAQ:ACET) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have been given an average recommendation of “Moderate Buy” by the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $56.25.

Several research analysts recently issued reports on ACET shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Adicet Bio in a research note on Tuesday, January 27th. HC Wainwright dropped their price target on Adicet Bio from $50.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday. Guggenheim cut their price target on Adicet Bio from $128.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Canaccord Genuity Group set a $18.00 price objective on Adicet Bio and gave the company a “buy” rating in a report on Tuesday, January 6th. Finally, Truist Financial raised shares of Adicet Bio to a “strong-buy” rating in a research note on Wednesday.

Adicet Bio Stock Down 2.8%

ACET traded down $0.19 on Friday, reaching $6.54. 18,003 shares of the company traded hands, compared to its average volume of 162,200. The company has a market cap of $62.80 million, a P/E ratio of -0.37 and a beta of 1.56. Adicet Bio has a one year low of $6.41 and a one year high of $17.44. The firm has a fifty day simple moving average of $7.41 and a two-hundred day simple moving average of $9.78.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Thursday, March 12th. The company reported ($2.94) EPS for the quarter, topping analysts’ consensus estimates of ($3.23) by $0.29. On average, equities analysts forecast that Adicet Bio will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

Several institutional investors have recently bought and sold shares of ACET. Susquehanna International Group LLP acquired a new stake in shares of Adicet Bio in the 3rd quarter worth $33,000. Squarepoint Ops LLC acquired a new position in Adicet Bio during the 3rd quarter valued at about $38,000. FNY Investment Advisers LLC acquired a new stake in Adicet Bio in the fourth quarter worth about $51,000. Virtu Financial LLC purchased a new stake in shares of Adicet Bio during the third quarter worth about $65,000. Finally, Wealthedge Investment Advisors LLC increased its holdings in shares of Adicet Bio by 37.4% during the second quarter. Wealthedge Investment Advisors LLC now owns 313,108 shares of the company’s stock valued at $191,000 after acquiring an additional 85,307 shares in the last quarter. 83.89% of the stock is owned by hedge funds and other institutional investors.

Adicet Bio Company Profile

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.