Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Decreases By 27.7%

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report) saw a large decrease in short interest in the month of April. As of April 15th, there was short interest totalling 2,060,000 shares, a decrease of 27.7% from the March 31st total of 2,850,000 shares. Based on an average daily volume of 796,900 shares, the days-to-cover ratio is presently 2.6 days. Approximately 3.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Regeneron Pharmaceuticals Inc. purchased a new position in shares of Adicet Bio during the 4th quarter worth $931,000. Norges Bank purchased a new position in Adicet Bio during the fourth quarter worth about $413,000. Squarepoint Ops LLC purchased a new position in Adicet Bio during the fourth quarter worth about $177,000. Bridgeway Capital Management LLC boosted its holdings in 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 last quarter. Finally, Geode Capital Management LLC grew its stake in shares of 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 buying an additional 97,567 shares during the period. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Adicet Bio Trading Down 9.7 %

ACET stock traded down $0.06 during midday trading on Tuesday, reaching $0.60. The stock had a trading volume of 199,527 shares, compared to its average volume of 728,736. Adicet Bio has a 52-week low of $0.45 and a 52-week high of $1.87. The company's fifty day simple moving average is $0.70 and its 200 day simple moving average is $0.92. The company has a market cap of $49.71 million, a price-to-earnings ratio of -0.35 and a beta of 1.76.

Adicet Bio (NASDAQ:ACET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.03. Sell-side analysts predict that Adicet Bio will post -1.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. JMP Securities reissued a "market perform" rating on shares of Adicet Bio in a report on Thursday, February 6th. HC Wainwright restated a "neutral" rating on shares of Adicet Bio in a research report on Friday, March 7th. Guggenheim reaffirmed a "buy" rating and set a $7.00 price objective on shares of Adicet Bio in a report on Friday, March 21st. Finally, StockNews.com raised shares of Adicet Bio from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently 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.