Adicet Bio (NASDAQ:ACET) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Adicet Bio, Inc. (NASDAQ:ACET)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.71 and traded as high as $0.77. Adicet Bio shares last traded at $0.72, with a volume of 196,987 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ACET shares. Wall Street Zen initiated coverage on Adicet Bio in a report on Friday, May 16th. They issued a “hold” rating for the company. HC Wainwright upgraded Adicet Bio to a “strong-buy” rating and set a $4.00 target price for the company in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Adicet Bio currently has a consensus rating of “Buy” and an average target price of $6.00.

Adicet Bio Trading Down 5.1%

The company has a 50 day moving average of $0.70 and a 200 day moving average of $0.71. The firm has a market cap of $59.94 million, a price-to-earnings ratio of -0.55 and a beta of 1.66.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Equities analysts forecast that Adicet Bio, Inc. will post -1.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

Several large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of Adicet Bio by 87.3% during the fourth quarter. JPMorgan Chase & Co. now owns 150,485 shares of the company’s stock worth $145,000 after acquiring an additional 70,132 shares during the period. Northern Trust Corp boosted its position in shares of Adicet Bio by 25.1% during the fourth quarter. Northern Trust Corp now owns 140,369 shares of the company’s stock worth $135,000 after buying an additional 28,153 shares during the period. Squarepoint Ops LLC bought a new position in shares of Adicet Bio during the fourth quarter worth about $177,000. Bridgeway Capital Management LLC grew its holdings in shares of Adicet Bio by 20.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,026,600 shares of the company’s stock worth $988,000 after buying an additional 175,000 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in Adicet Bio by 12.4% in the 4th quarter. Two Sigma Advisers LP now owns 794,039 shares of the company’s stock valued at $764,000 after buying an additional 87,400 shares during the last quarter. Institutional investors own 83.89% of the company’s stock.

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.