Adicet Bio (NASDAQ:ACET) Given New $27.00 Price Target at HC Wainwright

Adicet Bio (NASDAQ:ACET) had its price objective reduced by HC Wainwright from $50.00 to $27.00 in a research report sent to investors on Monday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. Canaccord Genuity Group set a $18.00 price objective on Adicet Bio and gave the company a “buy” rating in a research report on Tuesday, January 6th. Guggenheim dropped their price objective on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adicet Bio in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.25.

Adicet Bio Price Performance

Shares of NASDAQ ACET opened at $6.66 on Monday. Adicet Bio has a fifty-two week low of $6.41 and a fifty-two week high of $17.44. The stock has a market capitalization of $63.94 million, a price-to-earnings ratio of -0.37 and a beta of 1.56. The business has a 50-day moving average of $7.50 and a 200-day moving average of $9.85.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings results on Thursday, March 12th. The company reported ($2.94) EPS for the quarter, beating the consensus estimate of ($3.23) by $0.29. On average, sell-side analysts expect that Adicet Bio will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

Large investors have recently bought and sold shares of the company. Franklin Resources Inc. bought a new stake in shares of Adicet Bio in the fourth quarter worth about $5,276,000. Two Sigma Investments LP lifted its holdings in Adicet Bio by 66.6% in the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock worth $692,000 after buying an additional 341,761 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Adicet Bio in the 4th quarter worth approximately $2,310,000. Prosight Management LP bought a new stake in shares of Adicet Bio in the 4th quarter worth approximately $2,107,000. Finally, NEXTBio Capital Management LP bought a new stake in shares of Adicet Bio in the 4th quarter worth approximately $1,329,000. 83.89% of the stock is currently owned by institutional investors.

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.