Adicet Bio’s (ACET) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $5.00 price objective on the stock.

Several other equities analysts have also issued reports on ACET. HC Wainwright restated a buy rating and set a $10.00 price target on shares of Adicet Bio in a research report on Tuesday, April 2nd. Canaccord Genuity Group reiterated a buy rating and issued a $19.00 price objective on shares of Adicet Bio in a report on Wednesday, March 20th. Finally, StockNews.com upgraded Adicet Bio to a sell rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Adicet Bio currently has an average rating of Hold and a consensus target price of $12.83.

Adicet Bio Trading Up 5.0 %

Shares of Adicet Bio stock opened at $2.10 on Tuesday. The firm has a market capitalization of $172.56 million, a PE ratio of -0.63 and a beta of 1.88. The business’s 50-day moving average price is $2.33 and its 200-day moving average price is $2.03. Adicet Bio has a 12 month low of $1.10 and a 12 month high of $7.50.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Tuesday, March 19th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.03. As a group, analysts predict that Adicet Bio will post -1.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Orbimed Advisors Llc acquired 3,125,000 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was bought at an average price of $2.40 per share, with a total value of $7,500,000.00. Following the completion of the acquisition, the director now directly owns 7,526,359 shares of the company’s stock, valued at approximately $18,063,261.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 29.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adicet Bio

Large investors have recently made changes to their positions in the business. Summit Trail Advisors LLC lifted its position in shares of Adicet Bio by 80.0% in the third quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company’s stock valued at $25,000 after acquiring an additional 8,000 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of Adicet Bio in the third quarter valued at about $39,000. Panagora Asset Management Inc. purchased a new position in shares of Adicet Bio in the fourth quarter valued at about $98,000. Exchange Traded Concepts LLC lifted its position in shares of Adicet Bio by 107.5% in the third quarter. Exchange Traded Concepts LLC now owns 61,196 shares of the company’s stock valued at $84,000 after acquiring an additional 31,706 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Adicet Bio by 30.3% in the third quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after acquiring an additional 30,529 shares in the last quarter. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

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.