Adicet Bio (NASDAQ:ACET) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.76 and traded as high as $0.77. Adicet Bio shares last traded at $0.75, with a volume of 188,857 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ACET shares. HC Wainwright restated a "buy" rating and set a $4.00 target price on shares of Adicet Bio in a research report on Wednesday. Wall Street Zen started coverage on Adicet Bio in a report on Friday, May 16th. They set a "hold" rating for the company. Two research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $6.00.

Adicet Bio Price Performance

The company has a market capitalization of $63.81 million, a price-to-earnings ratio of -0.59 and a beta of 1.62. The stock has a 50 day moving average price of $0.71 and a two-hundred day moving average price of $0.76.

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

Institutional Investors Weigh In On Adicet Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vontobel Holding Ltd. increased its stake in shares of Adicet Bio by 33.3% in the 2nd quarter. Vontobel Holding Ltd. now owns 80,000 shares of the company's stock valued at $49,000 after buying an additional 20,000 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Adicet Bio by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company's stock worth $2,882,000 after purchasing an additional 63,691 shares during the period. Acadian Asset Management LLC grew its stake in shares of Adicet Bio by 1.8% during the first quarter. Acadian Asset Management LLC now owns 2,039,324 shares of the company's stock worth $1,538,000 after purchasing an additional 36,277 shares during the period. Wealthedge Investment Advisors LLC grew its stake in shares of Adicet Bio by 208.8% during the first quarter. Wealthedge Investment Advisors LLC now owns 227,801 shares of the company's stock worth $172,000 after purchasing an additional 154,037 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Adicet Bio during the fourth quarter worth $177,000. 83.89% of the stock is owned by institutional investors and hedge funds.

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.