StockNews.com Upgrades Adicet Bio (NASDAQ:ACET) to “Hold”

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

Other research analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a neutral rating on shares of Adicet Bio in a research report on Monday, September 30th. Wedbush reissued an outperform rating and set a $5.00 price objective on shares of Adicet Bio in a report on Friday, September 20th. Guggenheim started coverage on Adicet Bio in a report on Monday, September 30th. They set a buy rating and a $7.00 price objective on the stock. Finally, Canaccord Genuity Group decreased their target price on Adicet Bio from $19.00 to $8.00 and set a buy rating on the stock in a research note on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $7.50.

Adicet Bio Stock Down 0.7 %

NASDAQ ACET opened at $1.39 on Tuesday. The business has a 50 day moving average price of $1.44 and a 200-day moving average price of $1.55. Adicet Bio has a 52 week low of $1.05 and a 52 week high of $3.77. The company has a market cap of $114.54 million, a price-to-earnings ratio of -0.55 and a beta of 1.79.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.03. On average, equities research analysts anticipate that Adicet Bio will post -1.41 earnings per share for the current year.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Adicet Bio in the 1st quarter valued at approximately $28,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Adicet Bio in the 1st quarter valued at approximately $37,000. Point72 DIFC Ltd lifted its stake in shares of Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after purchasing an additional 14,596 shares during the period. Marshall Wace LLP purchased a new position in shares of Adicet Bio in the 2nd quarter valued at approximately $43,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Adicet Bio in the 2nd quarter valued at approximately $62,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Adicet Bio Company Profile

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.