Adicet Bio (NASDAQ:ACET) Downgraded to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a research note published on Tuesday morning.

Several other brokerages also recently weighed in on ACET. Canaccord Genuity Group decreased their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Guggenheim initiated coverage on shares of Adicet Bio in a research report on Monday, September 30th. They issued a “buy” rating and a $7.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Adicet Bio in a research note on Thursday, November 7th. Finally, HC Wainwright restated a “neutral” rating on shares of Adicet Bio in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.50.

Adicet Bio Stock Performance

NASDAQ ACET opened at $1.03 on Tuesday. The firm has a market capitalization of $84.87 million, a price-to-earnings ratio of -0.60 and a beta of 1.81. Adicet Bio has a one year low of $0.93 and a one year high of $3.77. The company’s 50 day moving average price is $1.37 and its 200 day moving average price is $1.40.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). Sell-side analysts forecast that Adicet Bio will post -1.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Adicet Bio by 85.5% during the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after buying an additional 1,441,503 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Adicet Bio by 205.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock worth $1,312,000 after acquiring an additional 729,750 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Adicet Bio in the 1st quarter worth about $37,000. Cubist Systematic Strategies LLC raised its stake in shares of Adicet Bio by 790.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock valued at $495,000 after purchasing an additional 363,095 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Adicet Bio by 44.2% during the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock worth $1,830,000 after purchasing an additional 463,600 shares during the last quarter. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

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.