Analysts Set Adicet Bio, Inc. (NASDAQ:ACET) Target Price at $6.00

Key Points

• Adicet Bio, Inc. has received an average rating of "Buy" from five analysts, with one holding and one strong buy rating, and an average twelve-month price target of $6.00.
• Institutional investors, including Norges Bank and Bridgeway Capital Management, have recently increased their stakes in Adicet Bio, with hedge funds and other institutional investors owning 83.89% of the stock.
• Adicet Bio's shares opened at $0.70, and the company reported a quarterly earnings per share of ($0.31), surpassing analysts' estimates of ($0.34).

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report) has been assigned an average rating of "Buy" from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $6.00.

ACET has been the topic of a number of research analyst reports. Wall Street Zen initiated coverage on shares of Adicet Bio in a research note on Friday, May 16th. They issued a "hold" rating on the stock. HC Wainwright upgraded shares of Adicet Bio to a "strong-buy" rating and set a $4.00 target price on the stock in a report on Wednesday, July 23rd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACET. Virtu Financial LLC purchased a new stake in Adicet Bio in the fourth quarter worth $29,000. Wealthedge Investment Advisors LLC purchased a new position in shares of Adicet Bio in the 4th quarter worth about $71,000. Vontobel Holding Ltd. raised its position in shares of Adicet Bio by 33.3% in the 2nd quarter. Vontobel Holding Ltd. now owns 80,000 shares of the company's stock worth $49,000 after purchasing an additional 20,000 shares during the last quarter. Northern Trust Corp raised its position in shares of Adicet Bio by 25.1% in the 4th quarter. Northern Trust Corp now owns 140,369 shares of the company's stock worth $135,000 after purchasing an additional 28,153 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Adicet Bio by 87.3% in 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 in the last quarter. 83.89% of the stock is currently owned by institutional investors.

Adicet Bio Stock Down 2.2%

ACET traded down $0.02 during trading hours on Thursday, hitting $0.67. 271,773 shares of the company's stock were exchanged, compared to its average volume of 355,689. Adicet Bio has a 1-year low of $0.45 and a 1-year high of $1.64. The stock's 50-day moving average is $0.71 and its two-hundred day moving average is $0.75. The stock has a market cap of $55.47 million, a price-to-earnings ratio of -0.52 and a beta of 1.59.

Adicet Bio (NASDAQ:ACET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.03. On average, equities research analysts anticipate that Adicet Bio will post -1.39 EPS for the current year.

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.