HC Wainwright Reiterates Neutral Rating for Adicet Bio (NASDAQ:ACET)

Adicet Bio (NASDAQ:ACET)‘s stock had its “neutral” rating reaffirmed by research analysts at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports.

ACET has been the subject of several other research reports. Guggenheim assumed coverage on shares of Adicet Bio in a research note on Monday, September 30th. They issued a “buy” rating and a $7.00 target price for the company. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Adicet Bio in a research report on Friday, September 20th. StockNews.com raised shares of Adicet Bio from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Finally, Canaccord Genuity Group cut their price target on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.50.

Adicet Bio Price Performance

Shares of Adicet Bio stock opened at $1.48 on Wednesday. Adicet Bio has a 1 year low of $1.05 and a 1 year high of $3.77. The business has a 50 day moving average price of $1.45 and a 200 day moving average price of $1.52. The company has a market capitalization of $121.95 million, a P/E ratio of -0.58 and a beta of 1.79.

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

Institutional Investors Weigh In On Adicet Bio

Institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Adicet Bio in the 1st quarter valued at $28,000. Price T Rowe Associates Inc. MD acquired a new position in Adicet Bio in the first quarter valued at $37,000. Point72 DIFC Ltd grew its position in Adicet Bio by 77.5% during the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after acquiring an additional 14,596 shares during the period. Marshall Wace LLP acquired a new stake in Adicet Bio during the second quarter worth about $43,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Adicet Bio during the second quarter worth about $62,000. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

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.