Adicet Bio (NASDAQ:ACET) Raised to Strong-Buy at Truist Financial

Adicet Bio (NASDAQ:ACET) was upgraded by investment analysts at Truist Financial to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently issued reports on ACET. Guggenheim reduced their price objective on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adicet Bio in a research report on Tuesday, January 27th. HC Wainwright cut their target price on shares of Adicet Bio from $50.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Canaccord Genuity Group set a $18.00 price target on shares of Adicet Bio and gave the company a “buy” rating in a research report on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Adicet Bio has an average rating of “Moderate Buy” and a consensus target price of $56.25.

Adicet Bio Stock Performance

NASDAQ ACET opened at $6.73 on Wednesday. The stock has a market cap of $64.61 million, a P/E ratio of -0.37 and a beta of 1.56. Adicet Bio has a fifty-two week low of $6.41 and a fifty-two week high of $17.44. The stock has a 50 day simple moving average of $7.41 and a two-hundred day simple moving average of $9.78.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Thursday, March 12th. The company reported ($2.94) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.23) by $0.29. Sell-side analysts predict that Adicet Bio will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors have recently added to or reduced their stakes in ACET. Goldman Sachs Group Inc. lifted its position in Adicet Bio by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock valued at $2,882,000 after buying an additional 63,691 shares during the period. Wealthedge Investment Advisors LLC grew its position in shares of Adicet Bio by 37.4% in the 2nd quarter. Wealthedge Investment Advisors LLC now owns 313,108 shares of the company’s stock worth $191,000 after buying an additional 85,307 shares during the period. Squarepoint Ops LLC bought a new position in shares of Adicet Bio in the 3rd quarter worth about $38,000. Two Sigma Investments LP lifted its position in Adicet Bio by 66.6% during the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock valued at $692,000 after acquiring an additional 341,761 shares during the period. Finally, Virtu Financial LLC purchased a new position in Adicet Bio during the 3rd quarter valued at about $65,000. Institutional investors own 83.89% of the company’s stock.

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.