Adicet Bio (NASDAQ:ACET) Stock Passes Below 200-Day Moving Average – Time to Sell?

Adicet Bio, Inc. (NASDAQ:ACET) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.30 and traded as low as $0.91. Adicet Bio shares last traded at $0.93, with a volume of 316,004 shares changing hands.

Analysts Set New Price Targets

ACET has been the topic of several research reports. Guggenheim assumed coverage on shares of Adicet Bio in a research note on Monday, September 30th. They set a “buy” rating and a $7.00 price objective on the stock. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research report on Thursday, December 19th. StockNews.com lowered Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Adicet Bio in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price target 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 investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.50.

Adicet Bio Stock Down 3.6 %

The firm has a market capitalization of $76.27 million, a price-to-earnings ratio of -0.54 and a beta of 1.88. The company has a 50-day moving average price of $1.11 and a 200-day moving average price of $1.30.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.34). As a group, analysts forecast that Adicet Bio, Inc. will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

Several large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its stake in shares of Adicet Bio by 205.4% in the 2nd quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock worth $1,312,000 after acquiring an additional 729,750 shares during the period. Cubist Systematic Strategies LLC lifted its position in Adicet Bio by 790.1% in the second quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock worth $495,000 after purchasing an additional 363,095 shares during the period. Renaissance Technologies LLC lifted its position in Adicet Bio by 44.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock worth $1,830,000 after purchasing an additional 463,600 shares during the period. Stonepine Capital Management LLC boosted its stake in Adicet Bio by 330.6% during the 2nd quarter. Stonepine Capital Management LLC now owns 609,446 shares of the company’s stock valued at $737,000 after purchasing an additional 467,898 shares in the last quarter. Finally, GSA Capital Partners LLP increased its position in shares of Adicet Bio by 161.3% during the 3rd quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock valued at $56,000 after purchasing an additional 24,203 shares during the period. Institutional investors and hedge funds 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.