Wedbush Reiterates “Outperform” Rating for Adicet Bio (NASDAQ:ACET)

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating restated by analysts at Wedbush in a report issued on Thursday,RTT News reports. They currently have a $5.00 price objective on the stock. Wedbush’s target price would indicate a potential upside of 281.68% from the stock’s previous close.

Several other equities analysts also recently issued reports on the company. Guggenheim initiated coverage on Adicet Bio in a research report on Monday, September 30th. They issued a “buy” rating and a $7.00 target price on the stock. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a research report on Wednesday, October 16th. StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Canaccord Genuity Group reduced their target price on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.50.

Adicet Bio Price Performance

Shares of ACET stock opened at $1.31 on Thursday. The stock’s fifty day moving average price is $1.43 and its 200 day moving average price is $1.43. Adicet Bio has a 1-year low of $1.05 and a 1-year high of $3.77. The company has a market cap of $107.94 million, a price-to-earnings ratio of -0.77 and a beta of 1.81.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, hitting analysts’ consensus estimates of ($0.34). As a group, equities research analysts anticipate that Adicet Bio will post -1.41 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

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