StockNews.com Downgrades Adicet Bio (NASDAQ:ACET) to Sell

Adicet Bio (NASDAQ:ACET) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

A number of other research firms also recently weighed in on ACET. HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a research note on Wednesday, October 16th. Canaccord Genuity Group reduced their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Guggenheim began coverage on Adicet Bio in a research note on Monday, September 30th. They issued a “buy” rating and a $7.00 price objective on the stock. Finally, Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Adicet Bio in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.50.

Adicet Bio Stock Down 1.5 %

Shares of NASDAQ:ACET opened at $1.31 on Thursday. The company has a market cap of $107.94 million, a P/E ratio of -0.77 and a beta of 1.81. The business has a fifty day simple moving average of $1.43 and a 200-day simple moving average of $1.43. Adicet Bio has a 52 week low of $1.05 and a 52 week high of $3.77.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). Sell-side analysts expect that Adicet Bio will post -1.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

Hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP grew its position in 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 acquiring an additional 24,203 shares in the last quarter. Castleview Partners LLC purchased a new stake in Adicet Bio during the 3rd quarter worth $75,000. Point72 DIFC Ltd lifted its holdings in Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after buying an additional 14,596 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in Adicet Bio by 790.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock valued at $495,000 after buying an additional 363,095 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Adicet Bio during the second quarter valued at about $62,000. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

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.