Adicet Bio (NASDAQ:ACET) Stock Rating Reaffirmed by Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a research note issued on Tuesday, Benzinga reports. They currently have a $5.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 166.67% from the company’s current price.

Other equities analysts have also issued reports about the stock. StockNews.com raised shares of Adicet Bio to a “sell” rating in a research report on Friday, March 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Adicet Bio in a research report on Tuesday, April 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Adicet Bio in a research report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.83.

Adicet Bio Stock Performance

NASDAQ:ACET opened at $1.88 on Tuesday. Adicet Bio has a fifty-two week low of $1.10 and a fifty-two week high of $7.50. The stock has a market capitalization of $154.07 million, a P/E ratio of -0.56 and a beta of 1.88. The company’s 50-day simple moving average is $2.31 and its 200-day simple moving average is $2.02.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.03. On average, research analysts forecast that Adicet Bio will post -1.72 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors have recently bought and sold shares of ACET. Summit Trail Advisors LLC increased its holdings in shares of Adicet Bio by 80.0% during the 3rd quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company’s stock valued at $25,000 after purchasing an additional 8,000 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of Adicet Bio during the 3rd quarter valued at approximately $39,000. Panagora Asset Management Inc. purchased a new position in shares of Adicet Bio during the 4th quarter valued at approximately $98,000. Exchange Traded Concepts LLC increased its holdings in shares of Adicet Bio by 107.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 61,196 shares of the company’s stock valued at $84,000 after purchasing an additional 31,706 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Adicet Bio by 30.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after purchasing an additional 30,529 shares in the last quarter. 83.89% of the stock is 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.