Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Drops By 18.1%

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 2,990,000 shares, a decline of 18.1% from the November 15th total of 3,650,000 shares. Based on an average trading volume of 576,900 shares, the days-to-cover ratio is currently 5.2 days.

Analyst Ratings Changes

A number of research firms have issued reports on ACET. StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group lowered 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. HC Wainwright restated a “neutral” rating on shares of Adicet Bio in a report on Monday, November 18th. Wedbush restated an “outperform” rating and issued a $5.00 target price on shares of Adicet Bio in a research note on Thursday, November 7th. Finally, Guggenheim began coverage on shares of Adicet Bio in a research report on Monday, September 30th. They set a “buy” rating and a $7.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.50.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its position in Adicet Bio by 22.9% during the second quarter. American Century Companies Inc. now owns 76,087 shares of the company’s stock worth $92,000 after buying an additional 14,196 shares in the last quarter. Point72 DIFC Ltd increased its position in 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 acquiring an additional 14,596 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Adicet Bio during the 1st quarter worth $37,000. GSA Capital Partners LLP raised its position in shares of Adicet Bio by 161.3% during the third quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock worth $56,000 after acquiring an additional 24,203 shares during the last quarter. Finally, XTX Topco Ltd raised its holdings in Adicet Bio by 12.5% during the 3rd quarter. XTX Topco Ltd now owns 292,180 shares of the company’s stock worth $421,000 after purchasing an additional 32,392 shares during the last quarter. Institutional investors own 83.89% of the company’s stock.

Adicet Bio Stock Down 1.0 %

Shares of NASDAQ ACET opened at $0.96 on Friday. Adicet Bio has a twelve month low of $0.89 and a twelve month high of $3.77. The business’s 50 day moving average price is $1.21 and its two-hundred day moving average price is $1.33. The company has a market cap of $79.50 million, a PE ratio of -0.56 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last announced its earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). As a group, research analysts anticipate that Adicet Bio will post -1.39 EPS for the current fiscal year.

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.