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

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have received a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $56.25.

ACET has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research note on Tuesday, January 27th. Canaccord Genuity Group set a $18.00 price target on Adicet Bio and gave the company a “buy” rating in a research note on Tuesday, January 6th. HC Wainwright cut their price target on Adicet Bio from $50.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, March 23rd. 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. Finally, Truist Financial upgraded Adicet Bio to a “strong-buy” rating in a research report on Wednesday, March 25th.

Insider Activity at Adicet Bio

In other news, major shareholder Ra Capital Management, L.P. bought 74,751 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were acquired at an average price of $7.27 per share, for a total transaction of $543,439.77. Following the completion of the transaction, the insider owned 1,182,624 shares of the company’s stock, valued at approximately $8,597,676.48. This trade represents a 6.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought a total of 223,596 shares of company stock worth $1,603,934 in the last 90 days. 4.60% of the stock is currently owned by insiders.

Institutional Trading of Adicet Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in ACET. Goldman Sachs Group Inc. increased its position in shares of Adicet Bio by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock worth $2,882,000 after purchasing an additional 63,691 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Adicet Bio during the third quarter worth about $38,000. Two Sigma Investments LP increased its position in shares of Adicet Bio by 66.6% during the third quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock worth $692,000 after purchasing an additional 341,761 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Adicet Bio during the third quarter worth about $65,000. Finally, Citadel Advisors LLC increased its position in shares of Adicet Bio by 19.8% during the third 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. Institutional investors and hedge funds own 83.89% of the company’s stock.

Adicet Bio Price Performance

Adicet Bio stock opened at $8.67 on Tuesday. Adicet Bio has a 1-year low of $6.01 and a 1-year high of $17.44. The stock has a market cap of $83.23 million, a PE ratio of -0.48 and a beta of 1.57. The stock’s fifty day moving average is $7.10 and its two-hundred day moving average is $9.01.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Thursday, March 12th. The company reported ($2.94) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.23) by $0.29. On average, research analysts expect that Adicet Bio will post -10.26 earnings per share for the current fiscal year.

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.