Adicet Bio (NASDAQ:ACET) Posts Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• Adicet Bio reported a quarterly earnings per share (EPS) of ($0.34), missing consensus estimates by $0.02.
• The company’s stock declined by 9.6%, reaching a price of $0.62 per share after the earnings report.
• Goldman Sachs increased its holdings in Adicet Bio, indicating institutional interest, with 83.89% of the stock currently owned by institutional investors.

Adicet Bio (NASDAQ:ACET - Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.34) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.02), Zacks reports.

Adicet Bio Stock Down 9.6%

NASDAQ ACET traded down $0.07 during trading hours on Friday, reaching $0.62. The company's stock had a trading volume of 2,370,726 shares, compared to its average volume of 624,946. Adicet Bio has a 1 year low of $0.45 and a 1 year high of $1.64. The firm's 50-day moving average price is $0.71 and its 200-day moving average price is $0.75. The company has a market capitalization of $51.36 million, a price-to-earnings ratio of -0.48 and a beta of 1.59.

Wall Street Analyst Weigh In

A number of research firms recently commented on ACET. Wall Street Zen began coverage on Adicet Bio in a report on Friday, May 16th. They issued a "hold" rating on the stock. HC Wainwright raised Adicet Bio to a "strong-buy" rating and set a $4.00 price target on the stock in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $6.00.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Adicet Bio stock. Goldman Sachs Group Inc. increased its holdings in Adicet Bio, Inc. (NASDAQ:ACET - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,816,556 shares of the company's stock after purchasing an additional 63,691 shares during the period. Goldman Sachs Group Inc. owned approximately 4.61% of Adicet Bio worth $2,882,000 at the end of the most recent quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.