Adicet Bio (NASDAQ:ACET) Coverage Initiated at StockNews.com

Equities researchers at StockNews.com assumed coverage on shares of Adicet Bio (NASDAQ:ACET - Get Free Report) in a research note issued on Friday. The brokerage set a "hold" rating on the stock.

A number of other research analysts have also issued reports on ACET. JMP Securities restated a "market perform" rating on shares of Adicet Bio in a research report on Thursday, February 6th. HC Wainwright restated a "neutral" rating on shares of Adicet Bio in a research note on Friday, March 7th. Finally, Guggenheim reiterated a "buy" rating and set 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. Based on data from MarketBeat, Adicet Bio has a consensus rating of "Moderate Buy" and a consensus target price of $7.50.

Adicet Bio Price Performance

ACET opened at $0.64 on Friday. The business has a fifty day simple moving average of $0.66 and a 200 day simple moving average of $0.88. Adicet Bio has a 1 year low of $0.45 and a 1 year high of $1.71. The company has a market capitalization of $52.77 million, a PE ratio of -0.37 and a beta of 1.76.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Wealthedge Investment Advisors LLC boosted its holdings in shares of Adicet Bio by 208.8% in the 1st quarter. Wealthedge Investment Advisors LLC now owns 227,801 shares of the company's stock valued at $172,000 after purchasing an additional 154,037 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Adicet Bio during the 4th quarter worth $177,000. Two Sigma Advisers LP boosted its stake in Adicet Bio by 12.4% in the fourth quarter. Two Sigma Advisers LP now owns 794,039 shares of the company's stock valued at $764,000 after buying an additional 87,400 shares in the last quarter. Stonepine Capital Management LLC boosted its stake in Adicet Bio by 14.9% in the fourth quarter. Stonepine Capital Management LLC now owns 700,000 shares of the company's stock valued at $673,000 after buying an additional 90,554 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in Adicet Bio by 20.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,026,600 shares of the company's stock valued at $988,000 after acquiring an additional 175,000 shares during the last quarter. 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.

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