Adicet Bio (NASDAQ:ACET) Rating Reiterated by Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research note issued on Friday, Benzinga reports. They presently have a $5.00 target price on the stock. Wedbush’s price target would indicate a potential upside of 228.95% from the company’s previous close.

A number of other research firms also recently issued reports on ACET. StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, September 10th. Canaccord Genuity Group decreased their target price on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research report on Thursday.

Adicet Bio Stock Up 4.1 %

ACET opened at $1.52 on Friday. The company has a market capitalization of $125.25 million, a PE ratio of -0.52 and a beta of 1.79. The firm has a 50-day simple moving average of $1.43 and a two-hundred day simple moving average of $1.63. Adicet Bio has a 52 week low of $1.05 and a 52 week high of $3.77.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.03. As a group, sell-side analysts expect that Adicet Bio will post -1.35 earnings per share for the current year.

Institutional Trading of Adicet Bio

A number of institutional investors have recently bought and sold shares of ACET. Vanguard Group Inc. raised its stake in shares of Adicet Bio by 85.5% in the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after acquiring an additional 1,441,503 shares during the period. Acadian Asset Management LLC raised its position in 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 purchasing an additional 729,750 shares during the period. Price T Rowe Associates Inc. MD bought a new stake in Adicet Bio in the first quarter worth about $37,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Adicet Bio during the first quarter valued at approximately $28,000. Finally, American International Group Inc. grew its stake in shares of Adicet Bio by 74.2% during the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after buying an additional 11,214 shares during the last quarter. 83.89% of the stock is currently owned by institutional investors.

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.