Adicet Bio (NASDAQ:ACET) Major Shareholder Ra Capital Management, L.P. Acquires 74,751 Shares

Adicet Bio, Inc. (NASDAQ:ACET) major shareholder Ra Capital Management, L.P. acquired 74,751 shares of the company’s stock in a transaction that occurred on 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 purchase, the insider owned 1,182,624 shares of the company’s stock, valued at $8,597,676.48. This trade represents a 6.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Ra Capital Management, L.P. also recently made the following trade(s):

• On Thursday, February 19th, Ra Capital Management, L.P. bought 74,268 shares of Adicet Bio stock. The stock was acquired at an average cost of $7.21 per share, for a total transaction of $535,472.28.
• On Wednesday, February 18th, Ra Capital Management, L.P. bought 74,577 shares of Adicet Bio stock. The stock was bought at an average price of $7.04 per share, with a total value of $525,022.08.

Adicet Bio Trading Down 6.1%

NASDAQ:ACET opened at $6.35 on Tuesday. The stock has a 50 day moving average of $7.02 and a 200-day moving average of $9.19. The firm has a market capitalization of $60.93 million, a PE ratio of -0.35 and a beta of 1.57. Adicet Bio, Inc. has a 52 week low of $6.01 and a 52 week high of $17.44.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($2.94) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.23) by $0.29. As a group, analysts predict that Adicet Bio, Inc. will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ACET. Franklin Resources Inc. bought a new stake in shares of Adicet Bio during the fourth quarter valued at about $5,276,000. Two Sigma Investments LP grew its position in Adicet Bio by 66.6% in the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock valued at $692,000 after buying an additional 341,761 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Adicet Bio in the 4th quarter valued at about $2,310,000. Prosight Management LP acquired a new position in Adicet Bio during the 4th quarter valued at about $2,107,000. Finally, NEXTBio Capital Management LP acquired a new position in Adicet Bio during the 4th quarter valued at about $1,329,000. 83.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ACET shares. Guggenheim lowered their price target on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Canaccord Genuity Group set a $18.00 price objective on shares of Adicet Bio and gave the company a “buy” rating in a research report on Tuesday, January 6th. Truist Financial raised shares of Adicet Bio to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright decreased their target price on shares of Adicet Bio from $50.00 to $27.00 and set a “buy” rating for the company in a research report on Monday, March 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research note on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.25.

About Adicet Bio

Adicet Bio, Inc (NASDAQ: ACET) is a clinical‐stage biotechnology company specializing in the development of off‐the‐shelf, allogeneic gamma delta (γδ) T cell therapies for oncology and autoimmune disorders. The company’s proprietary platform enables the genetic engineering of γδ 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 γδ 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 γδ T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.