Adicet Bio, Inc. (NASDAQ:ACET) to Post FY2023 Earnings of ($3.42) Per Share, Wedbush Forecasts

Adicet Bio, Inc. (NASDAQ:ACET) – Wedbush reduced their FY2023 EPS estimates for Adicet Bio in a research report issued to clients and investors on Wednesday, November 8th. Wedbush analyst R. Driscoll now anticipates that the company will earn ($3.42) per share for the year, down from their previous estimate of ($3.16). Wedbush has a “Outperform” rating and a $5.00 price objective on the stock. The consensus estimate for Adicet Bio’s current full-year earnings is ($2.98) per share. Wedbush also issued estimates for Adicet Bio’s Q4 2023 earnings at ($0.78) EPS, Q1 2024 earnings at ($0.81) EPS, Q2 2024 earnings at ($0.83) EPS, Q3 2024 earnings at ($0.64) EPS, Q4 2024 earnings at ($0.67) EPS, FY2024 earnings at ($2.91) EPS, FY2025 earnings at ($2.50) EPS, FY2026 earnings at ($2.09) EPS and FY2027 earnings at ($1.52) EPS.

ACET has been the topic of a number of other reports. Truist Financial reiterated a “buy” rating and set a $27.00 target price on shares of Adicet Bio in a research report on Wednesday, September 6th. HC Wainwright dropped their target price on shares of Adicet Bio from $38.00 to $26.00 and set a “buy” rating for the company in a report on Friday, August 11th. Finally, BTIG Research cut their target price on shares of Adicet Bio from $20.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $15.50.

Adicet Bio Price Performance

ACET opened at $1.20 on Monday. Adicet Bio has a 1-year low of $1.19 and a 1-year high of $21.87. The stock has a market cap of $51.80 million, a P/E ratio of -0.36 and a beta of 1.98. The stock’s 50 day simple moving average is $1.47 and its 200 day simple moving average is $3.08.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Carlyle Group Inc. purchased a new position in Adicet Bio during the first quarter worth approximately $12,163,000. BlackRock Inc. boosted its holdings in Adicet Bio by 14.1% in the third quarter. BlackRock Inc. now owns 2,109,787 shares of the company’s stock valued at $30,003,000 after acquiring an additional 260,705 shares during the last quarter. State Street Corp grew its position in Adicet Bio by 311.5% during the third quarter. State Street Corp now owns 1,958,265 shares of the company’s stock valued at $27,847,000 after acquiring an additional 1,482,409 shares during the period. Polar Capital Holdings Plc increased its stake in Adicet Bio by 1.1% during the first quarter. Polar Capital Holdings Plc now owns 1,543,670 shares of the company’s stock worth $30,827,000 after acquiring an additional 16,397 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Adicet Bio by 21.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,499,259 shares of the company’s stock worth $21,319,000 after purchasing an additional 264,049 shares during the period. 85.29% of the stock is currently 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 cancer and other diseases. The company offers gamma delta T cells engineered with chimeric antigen receptors and chimeric adaptors to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and enhance persistence for durable activity in patients.