Renaissance Technologies LLC Sells 315,100 Shares of Adicet Bio, Inc. (NASDAQ:ACET)

Renaissance Technologies LLC reduced its holdings in shares of Adicet Bio, Inc. (NASDAQ:ACET) by 25.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 916,500 shares of the company’s stock after selling 315,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Adicet Bio were worth $882,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Adicet Bio in the fourth quarter valued at $413,000. JPMorgan Chase & Co. boosted its holdings in shares of Adicet Bio by 87.3% during the 4th quarter. JPMorgan Chase & Co. now owns 150,485 shares of the company’s stock worth $145,000 after buying an additional 70,132 shares during the period. Virtu Financial LLC bought a new stake in shares of Adicet Bio during the 4th quarter worth about $29,000. Regeneron Pharmaceuticals Inc. acquired a new position in Adicet Bio in the 4th quarter valued at about $931,000. Finally, Geode Capital Management LLC raised its holdings in Adicet Bio by 14.5% in the 3rd quarter. Geode Capital Management LLC now owns 768,566 shares of the company’s stock valued at $1,107,000 after acquiring an additional 97,567 shares during the period. 83.89% of the stock is owned by institutional investors and hedge funds.

Adicet Bio Price Performance

Adicet Bio stock opened at $0.63 on Friday. The firm has a market cap of $52.09 million, a PE ratio of -0.37 and a beta of 1.99. The stock’s fifty day moving average price is $0.71 and its two-hundred day moving average price is $0.94. Adicet Bio, Inc. has a one year low of $0.45 and a one year high of $1.87.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Thursday, March 6th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.05. Sell-side analysts expect that Adicet Bio, Inc. will post -1.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ACET. StockNews.com upgraded Adicet Bio from a “sell” rating to a “hold” rating in a report on Monday. JMP Securities restated a “market perform” rating on shares of Adicet Bio in a research note on Thursday, February 6th. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research report on Friday, March 7th. Finally, Guggenheim reissued a “buy” rating and issued a $7.00 target price on shares of Adicet Bio in a research report on Friday, March 21st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Adicet Bio presently has an average rating of “Moderate Buy” and a consensus price target of $7.50.

Adicet Bio 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.