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

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

Adicet Bio Price Performance

Shares of ACET stock opened at $0.78 on Tuesday. The stock has a market cap of $64.28 million, a PE ratio of -0.45 and a beta of 1.97. The stock has a 50-day moving average of $0.90 and a 200-day moving average of $1.12. Adicet Bio has a one year low of $0.74 and a one year high of $2.43.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. JMP Securities reissued a “market perform” rating on shares of Adicet Bio in a research note on Thursday, February 6th. StockNews.com cut Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.50.

Institutional Trading of Adicet Bio

Institutional investors and hedge funds have recently modified their holdings of the stock. Regeneron Pharmaceuticals Inc. acquired a new position in shares of Adicet Bio in the 4th quarter valued at approximately $931,000. Norges Bank acquired a new position in shares of Adicet Bio in the 4th quarter valued at approximately $413,000. RBF Capital LLC grew its position in shares of Adicet Bio by 62.5% in the 3rd quarter. RBF Capital LLC now owns 601,135 shares of the company’s stock valued at $866,000 after purchasing an additional 231,135 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Adicet Bio in the 4th quarter valued at approximately $177,000. Finally, Bridgeway Capital Management LLC grew its position in shares of Adicet Bio by 20.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,026,600 shares of the company’s stock valued at $988,000 after purchasing an additional 175,000 shares during the period. 83.89% of the stock is owned by 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.