StockNews.com Downgrades Adicet Bio (NASDAQ:ACET) to Sell

StockNews.com lowered shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a research report released on Tuesday morning.

Other research analysts also recently issued reports about the company. Wedbush reaffirmed an outperform rating and set a $5.00 target price on shares of Adicet Bio in a report on Tuesday. HC Wainwright reaffirmed a buy rating and issued a $10.00 target price on shares of Adicet Bio in a research report on Wednesday, August 14th. Finally, Canaccord Genuity Group reaffirmed a buy rating and issued a $19.00 price objective on shares of Adicet Bio in a research note on Wednesday, August 14th.

Adicet Bio Stock Performance

ACET stock opened at $1.49 on Tuesday. Adicet Bio has a 52 week low of $1.05 and a 52 week high of $3.77. The company has a market capitalization of $122.78 million, a PE ratio of -0.51 and a beta of 1.79. The company’s 50-day simple moving average is $1.41 and its 200 day simple moving average is $1.66.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Tuesday, August 13th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.03. On average, analysts forecast that Adicet Bio will post -1.35 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

Several institutional investors have recently bought and sold shares of ACET. Mirae Asset Global Investments Co. Ltd. bought a new position in Adicet Bio during the first quarter worth about $28,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Adicet Bio during the 1st quarter valued at approximately $37,000. Point72 DIFC Ltd boosted its holdings in Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after buying an additional 14,596 shares during the period. Marshall Wace LLP bought a new stake in Adicet Bio during the 2nd quarter valued at $43,000. Finally, American International Group Inc. lifted its position in shares of Adicet Bio by 74.2% during the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after acquiring an additional 11,214 shares in the last quarter. Hedge funds and other institutional investors 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.