Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Drops By 16.9%

Adicet Bio, Inc. (NASDAQ:ACET) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 3,140,000 shares, a decline of 16.9% from the February 13th total of 3,780,000 shares. Currently, 4.7% of the shares of the company are sold short. Based on an average daily volume of 834,000 shares, the days-to-cover ratio is presently 3.8 days.

Institutional Trading of Adicet Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Adicet Bio during the 4th quarter worth about $29,000. GSA Capital Partners LLP increased its holdings in shares of Adicet Bio by 161.3% in the third 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 in the last quarter. Wealthedge Investment Advisors LLC bought a new position in Adicet Bio in the 4th quarter worth approximately $71,000. JPMorgan Chase & Co. raised its position in Adicet Bio by 10,321.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 80,353 shares of the company’s stock worth $116,000 after purchasing an additional 79,582 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Adicet Bio by 25.1% during the 4th quarter. Northern Trust Corp now owns 140,369 shares of the company’s stock worth $135,000 after buying an additional 28,153 shares in the last quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Adicet Bio Stock Down 0.7 %

NASDAQ ACET opened at $0.78 on Tuesday. The stock has a market cap of $64.28 million, a P/E ratio of -0.45 and a beta of 1.97. The company’s 50-day simple moving average is $0.90 and its 200 day simple moving average is $1.12. Adicet Bio has a twelve month low of $0.74 and a twelve month high of $2.43.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Thursday, March 6th. The company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.05. Research analysts anticipate that Adicet Bio will post -1.39 earnings per share for the current year.

Wall Street Analyst Weigh In

ACET has been the topic of several research reports. JMP Securities restated a “market perform” rating on shares of Adicet Bio in a report on Thursday, February 6th. HC Wainwright restated a “neutral” rating on shares of Adicet Bio in a report on Friday, March 7th. Finally, StockNews.com cut shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.50.

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.