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

Adicet Bio, Inc. (NASDAQ:ACET) has been assigned an average rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $7.50.

A number of research firms have recently commented on ACET. Guggenheim restated a “buy” rating and issued a $7.00 price objective on shares of Adicet Bio in a research report on Friday, March 21st. Wall Street Zen assumed coverage on Adicet Bio in a research report on Friday, May 16th. They issued a “hold” rating for the company.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently modified their holdings of ACET. Goldman Sachs Group Inc. increased its holdings in Adicet Bio by 1.7% during the 1st 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 during the period. Acadian Asset Management LLC increased its holdings in Adicet Bio by 1.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,039,324 shares of the company’s stock worth $1,538,000 after purchasing an additional 36,277 shares during the period. Wealthedge Investment Advisors LLC increased its holdings in Adicet Bio by 208.8% during the 1st quarter. Wealthedge Investment Advisors LLC now owns 227,801 shares of the company’s stock worth $172,000 after purchasing an additional 154,037 shares during the period. Squarepoint Ops LLC purchased a new stake in Adicet Bio during the 4th quarter worth about $177,000. Finally, Two Sigma Advisers LP increased its holdings in Adicet Bio by 12.4% during the 4th quarter. Two Sigma Advisers LP now owns 794,039 shares of the company’s stock worth $764,000 after purchasing an additional 87,400 shares during the period. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Adicet Bio Stock Up 1.1%

Adicet Bio stock opened at $0.62 on Friday. Adicet Bio has a 52 week low of $0.45 and a 52 week high of $1.70. The company has a market capitalization of $51.36 million, a price-to-earnings ratio of -0.48 and a beta of 1.62. The stock has a 50-day moving average price of $0.68 and a 200 day moving average price of $0.78.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.03. Research analysts anticipate that Adicet Bio will post -1.39 EPS for the current fiscal year.

Adicet Bio Company Profile

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.