Adicet Bio (NASDAQ:ACET) Receives “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has a $5.00 price objective on the stock.

Other equities analysts also recently issued research reports about the company. HC Wainwright reissued a buy rating and set a $10.00 price target on shares of Adicet Bio in a research report on Tuesday, April 2nd. Canaccord Genuity Group reissued a buy rating and set a $19.00 price target on shares of Adicet Bio in a research report on Wednesday, March 20th. Finally, StockNews.com raised Adicet Bio to a sell rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $12.83.

Adicet Bio Stock Performance

ACET opened at $1.68 on Tuesday. Adicet Bio has a 52-week low of $1.10 and a 52-week high of $7.50. The firm has a market capitalization of $138.05 million, a PE ratio of -0.51 and a beta of 1.88. The business’s 50-day simple moving average is $2.26 and its 200 day simple moving average is $2.03.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.03. On average, research analysts forecast that Adicet Bio will post -1.72 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

Institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC grew its position in shares of Adicet Bio by 2,182.5% in the third quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock valued at $715,000 after purchasing an additional 500,095 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Adicet Bio by 30.3% in the third quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after purchasing an additional 30,529 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Adicet Bio by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock valued at $155,000 after purchasing an additional 20,790 shares during the last quarter. Acuitas Investments LLC acquired a new position in shares of Adicet Bio in the third quarter valued at approximately $187,000. Finally, Marquette Asset Management LLC acquired a new position in shares of Adicet Bio in the third quarter valued at approximately $39,000. Institutional investors and hedge funds 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.