Guggenheim Reaffirms "Buy" Rating for Adicet Bio (NASDAQ:ACET)

Key Points

• Guggenheim has reiterated a "Buy" rating for Adicet Bio (ACET) with a price target of $7.00, while HC Wainwright upgraded the stock to a "strong-buy" rating with a target price of $4.00.
• Adicet Bio's stock rose by 6.6%, opening at $0.81, with the company having a market cap of $67.47 million and a twelve-month price range of $0.45 to $1.57.
• The company reported an earnings per share loss of ($0.34) for the last quarter, missing the consensus estimate of ($0.32).

Guggenheim reiterated their buy rating on shares of Adicet Bio (NASDAQ:ACET - Free Report) in a research note published on Friday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, HC Wainwright raised shares of Adicet Bio to a "strong-buy" rating and set a $4.00 price target for the company in a research report on Wednesday, July 23rd. One equities research 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. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $5.33.

Adicet Bio Trading Down 1.9%

Shares of ACET stock traded down $0.02 during mid-day trading on Friday, reaching $0.79. The stock had a trading volume of 503,919 shares, compared to its average volume of 373,383. The firm has a market cap of $66.17 million, a price-to-earnings ratio of -0.61 and a beta of 1.66. The business's fifty day moving average is $0.73 and its 200-day moving average is $0.70. Adicet Bio has a 1-year low of $0.45 and a 1-year high of $1.54.

Adicet Bio (NASDAQ:ACET - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.02). On average, analysts forecast that Adicet Bio will post -1.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ACET. Wealthedge Investment Advisors LLC lifted its stake 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 buying an additional 85,307 shares during the last quarter. Vontobel Holding Ltd. grew its stake in Adicet Bio by 33.3% in the second quarter. Vontobel Holding Ltd. now owns 80,000 shares of the company's stock valued at $49,000 after purchasing an additional 20,000 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Adicet Bio by 1.7% in the 1st 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 in the last quarter. Acadian Asset Management LLC grew its position in Adicet Bio by 1.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,039,324 shares of the company's stock worth $1,538,000 after acquiring an additional 36,277 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Adicet Bio in the 4th quarter worth $177,000. Hedge funds and other 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.