Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Up 32.1% in May

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report) was the target of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 3,130,000 shares, an increase of 32.1% from the May 15th total of 2,370,000 shares. Based on an average daily trading volume, of 519,500 shares, the days-to-cover ratio is currently 6.0 days. Currently, 4.7% of the company's stock are short sold.

Adicet Bio Stock Up 0.1%

Shares of NASDAQ ACET traded up $0.00 during midday trading on Friday, hitting $0.67. 269,515 shares of the company's stock were exchanged, compared to its average volume of 378,715. The business's fifty day moving average price is $0.67 and its two-hundred day moving average price is $0.81. Adicet Bio has a 12-month low of $0.45 and a 12-month high of $1.70.

Adicet Bio (NASDAQ:ACET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.31) earnings per share for the quarter, beating analysts' consensus estimates of ($0.34) by $0.03. Sell-side analysts expect that Adicet Bio will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Regeneron Pharmaceuticals Inc. purchased a new position in Adicet Bio in the 4th quarter worth $931,000. Virtu Financial LLC purchased a new stake in shares of Adicet Bio during the fourth quarter worth about $29,000. JPMorgan Chase & Co. grew its position in shares of 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 during the last quarter. Norges Bank purchased a new stake in Adicet Bio in the fourth quarter worth $413,000. Finally, Northern Trust Corp boosted its stake in shares of Adicet Bio by 25.1% during the 4th quarter. Northern Trust Corp now owns 140,369 shares of the company's stock valued at $135,000 after purchasing an additional 28,153 shares in the last quarter. 83.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ACET shares. Guggenheim reaffirmed a "buy" rating and issued a $7.00 price objective on shares of Adicet Bio in a research note on Friday, March 21st. HC Wainwright restated a "neutral" rating on shares of Adicet Bio in a report on Friday, March 7th. Finally, Wall Street Zen initiated coverage on Adicet Bio in a research note on Friday, May 16th. They set a "hold" rating for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Adicet Bio has an average rating of "Moderate Buy" and a consensus target price of $7.50.

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.