Adicet Bio (NASDAQ:ACET) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Adicet Bio shares rose above their 200-day moving average of $0.71, reaching a high of $1.00 before closing at $0.99 with 2,182,617 shares traded.
• Recent analyst activity includes Jefferies raising the rating to "strong-buy" and Guggenheim increasing the price target from $7.00 to $8.00, while Weiss Ratings maintained a "sell" rating.
• Adicet Bio reported a quarterly loss of ($0.34) earnings per share, missing analysts' consensus expectation of ($0.32), with institutional investors owning 83.89% of the company’s stock.

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.71 and traded as high as $1.00. Adicet Bio shares last traded at $0.99, with a volume of 2,182,617 shares trading hands.

Analyst Upgrades and Downgrades

ACET has been the subject of a number of recent analyst reports. Jefferies Financial Group raised shares of Adicet Bio to a "strong-buy" rating in a report on Tuesday, October 7th. Guggenheim increased their price objective on shares of Adicet Bio from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Adicet Bio in a research note on Wednesday, October 8th. Finally, HC Wainwright upgraded shares of Adicet Bio to a "strong-buy" rating and set a $4.00 target price for the company in a report on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $5.67.

Adicet Bio Price Performance

The stock has a market capitalization of $82.08 million, a price-to-earnings ratio of -0.75 and a beta of 1.62. The business's 50-day simple moving average is $0.78 and its two-hundred day simple moving average is $0.71.

Adicet Bio (NASDAQ:ACET - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.02). As a group, sell-side analysts expect that Adicet Bio, Inc. will post -1.39 EPS for the current year.

Institutional Investors Weigh In On Adicet Bio

Several large investors have recently made changes to their positions in the company. Vontobel Holding Ltd. boosted its position in Adicet Bio by 33.3% during the second 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 period. Acadian Asset Management LLC increased its stake in shares of Adicet Bio by 1.8% in the first quarter. Acadian Asset Management LLC now owns 2,039,324 shares of the company's stock valued at $1,538,000 after buying an additional 36,277 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Adicet Bio by 1.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company's stock valued at $2,882,000 after acquiring an additional 63,691 shares during the last quarter. Finally, Wealthedge Investment Advisors LLC boosted its holdings in Adicet Bio by 37.4% in the second quarter. Wealthedge Investment Advisors LLC now owns 313,108 shares of the company's stock valued at $191,000 after acquiring an additional 85,307 shares during the last quarter. Institutional investors own 83.89% of the company's stock.

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.

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