Adicet Bio (NASDAQ:ACET) Receives Outperform Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Adicet Bio (NASDAQ:ACET - Free Report) in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a $5.00 price objective on the stock.

Other research analysts have also issued reports about the stock. Canaccord Genuity Group reiterated a buy rating and set a $19.00 price target on shares of Adicet Bio in a research note on Wednesday, March 20th. HC Wainwright reiterated a buy rating and set a $10.00 target price on shares of Adicet Bio in a research report on Tuesday, April 2nd. Finally, StockNews.com upgraded Adicet Bio to a sell rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Adicet Bio has a consensus rating of Hold and an average price target of $12.83.

Adicet Bio Trading Up 5.0 %

Shares of NASDAQ ACET traded up $0.10 during midday trading on Tuesday, reaching $2.10. 1,130,428 shares of the company were exchanged, compared to its average volume of 1,550,255. The stock has a fifty day simple moving average of $2.34 and a 200 day simple moving average of $2.02. The stock has a market cap of $172.56 million, a P/E ratio of -0.64 and a beta of 1.88. Adicet Bio has a 1 year low of $1.10 and a 1 year high of $7.50.

Adicet Bio (NASDAQ:ACET - Get Free Report) last issued its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.03. As a group, analysts forecast that Adicet Bio will post -1.72 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Orbimed Advisors Llc acquired 3,125,000 shares of Adicet Bio stock in a transaction that occurred on Thursday, January 25th. The stock was purchased at an average cost of $2.40 per share, with a total value of $7,500,000.00. Following the completion of the acquisition, the director now owns 7,526,359 shares in the company, valued at approximately $18,063,261.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 29.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its stake in shares of Adicet Bio by 107.5% during the third quarter. Exchange Traded Concepts LLC now owns 61,196 shares of the company's stock valued at $84,000 after buying an additional 31,706 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Adicet Bio by 30.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company's stock worth $180,000 after purchasing an additional 30,529 shares during the period. Acuitas Investments LLC acquired a new stake in shares of Adicet Bio during the third quarter worth $187,000. Marquette Asset Management LLC purchased a new stake in shares of Adicet Bio in the third quarter valued at $39,000. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Adicet Bio by 80.0% during the 3rd quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company's stock worth $25,000 after acquiring an additional 8,000 shares during the period. Institutional investors and hedge funds 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.