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

StockNews.com cut shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a report released on Tuesday morning.

A number of other analysts have also recently commented on ACET. Canaccord Genuity Group reduced their price objective on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Guggenheim began coverage on Adicet Bio in a report on Monday, September 30th. They set a “buy” rating and a $7.00 price target for the company. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a report on Monday, November 18th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Adicet Bio in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.50.

Adicet Bio Stock Down 1.5 %

NASDAQ ACET opened at $0.90 on Tuesday. Adicet Bio has a twelve month low of $0.89 and a twelve month high of $3.77. The firm has a market capitalization of $74.16 million, a PE ratio of -0.53 and a beta of 1.81. The stock’s 50 day moving average is $1.34 and its 200 day moving average is $1.39.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). On average, research analysts anticipate that Adicet Bio will post -1.39 earnings per share for the current year.

Institutional Trading of Adicet Bio

Several hedge funds and other institutional investors have recently bought and sold shares of ACET. RA Capital Management L.P. purchased a new position in Adicet Bio in the 1st quarter worth $17,721,000. Vanguard Group Inc. raised its stake in Adicet Bio by 85.5% in the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after acquiring an additional 1,441,503 shares during the last quarter. Blackstone Inc. purchased a new position in Adicet Bio in the 1st quarter worth $2,906,000. Acadian Asset Management LLC raised its stake 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 acquiring an additional 729,750 shares during the last quarter. Finally, Stonepine Capital Management LLC raised its stake in Adicet Bio by 330.6% in the 2nd quarter. Stonepine Capital Management LLC now owns 609,446 shares of the company’s stock worth $737,000 after acquiring an additional 467,898 shares during the last quarter. Institutional investors own 83.89% of the company’s stock.

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.