Adicet Bio (NASDAQ:ACET) Shares Pass Above Two Hundred Day Moving Average - What's Next?

Key Points

• Adicet Bio's stock price has recently surpassed its 200-day moving average, indicating a potential bullish trend, with shares trading around $0.80 after reaching a high of $0.83.
• Wall Street analysts' ratings vary, with one analyst giving a Strong Buy rating and a price target of $4.00, while the average rating remains at Buy with a target of $6.00.
• The company reported a quarterly loss of ($0.34) EPS, missing estimates, and has a market capitalization of approximately $66.91 million.

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.71 and traded as high as $0.83. Adicet Bio shares last traded at $0.80, with a volume of 868,330 shares changing hands.

Wall Street Analyst Weigh In

Separately, HC Wainwright upgraded Adicet Bio to a "strong-buy" rating and set a $4.00 target price on the stock in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $5.33.

Adicet Bio Price Performance

The company has a fifty day moving average of $0.72 and a 200-day moving average of $0.70. The firm has a market capitalization of $66.43 million, a PE ratio of -0.61 and a beta of 1.66.

Adicet Bio (NASDAQ:ACET - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Equities analysts anticipate that Adicet Bio, Inc. will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

Institutional investors have recently bought and sold shares of the stock. Northern Trust Corp raised its holdings in Adicet Bio by 25.1% during the fourth quarter. Northern Trust Corp now owns 140,369 shares of the company's stock valued at $135,000 after buying an additional 28,153 shares in the last quarter. Squarepoint Ops LLC bought a new position in Adicet Bio during the fourth quarter valued at about $177,000. Two Sigma Advisers LP raised its holdings in Adicet Bio by 12.4% during 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. Wealthedge Investment Advisors LLC bought a new stake in shares of Adicet Bio in the 4th quarter valued at approximately $71,000. Finally, Stonepine Capital Management LLC grew its stake in shares of Adicet Bio by 14.9% in the 4th quarter. Stonepine Capital Management LLC now owns 700,000 shares of the company's stock valued at $673,000 after purchasing an additional 90,554 shares during the period. 83.89% of the stock is currently owned by institutional investors.

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.