Adicet Bio, Inc. (NASDAQ:ACET) Sees Large Drop in Short Interest

Key Points

• Adicet Bio’s short interest fell 33.9% to 262,357 shares as of August 14, representing about 2.9% of shares outstanding and 3.2 days to cover.
• Analyst sentiment was mixed but leaned positive, with a consensus rating of “Moderate Buy” and an average price target of $46.80; individual targets included Guggenheim’s revised $90 objective and Jefferies’ $19 target.
• Institutional investors and hedge funds own 83.89% of the company, while Adicet reported a quarterly EPS loss of $1.99, missing the consensus estimate of a $1.69 loss. Shares recently traded at $9.39.

Adicet Bio, Inc. (NASDAQ:ACET - Get Free Report) was the target of a significant decrease in short interest in August. As of August 14th, there was short interest totaling 262,357 shares, a decrease of 33.9% from the July 30th total of 397,053 shares. Approximately 2.9% of the shares of the company are short sold. Based on an average daily volume of 82,757 shares, the days-to-cover ratio is currently 3.2 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ACET shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adicet Bio in a research note on Friday, August 21st. Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective (down from $100.00) on shares of Adicet Bio in a report on Thursday, August 6th. Jefferies Financial Group started coverage on shares of Adicet Bio in a report on Tuesday, May 5th. They set a "buy" rating and a $19.00 price objective for the company. Finally, Wall Street Zen lowered shares of Adicet Bio from a "hold" rating to a "sell" rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Adicet Bio has an average rating of "Moderate Buy" and a consensus target price of $46.80.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACET. NewEdge Advisors LLC acquired a new stake in shares of Adicet Bio during the first quarter worth approximately $26,000. Dimensional Fund Advisors LP acquired a new position in shares of Adicet Bio in the 1st quarter worth approximately $73,000. AXQ Capital LP bought a new stake in Adicet Bio during the 2nd quarter worth approximately $95,000. Johnson & Johnson bought a new stake in Adicet Bio during the 2nd quarter worth approximately $196,811. Finally, Maven Securities LTD bought a new stake in Adicet Bio during the 4th quarter worth approximately $263,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Adicet Bio Price Performance

Adicet Bio stock traded up $0.69 during mid-day trading on Tuesday, hitting $9.39. 121,690 shares of the company were exchanged, compared to its average volume of 126,246. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $8.63 and a 200 day moving average of $7.92. Adicet Bio has a 1-year low of $6.01 and a 1-year high of $17.44. The company has a market capitalization of $87.90 million, a PE ratio of -0.82 and a beta of 1.60.

Adicet Bio (NASDAQ:ACET - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.69) by ($0.30). As a group, sell-side analysts expect that Adicet Bio will post -6.76 earnings per share for the current year.

About Adicet Bio

Adicet Bio, Inc NASDAQ: ACET is a clinical‐stage biotechnology company specializing in the development of off‐the‐shelf, allogeneic gamma delta (γδ) T cell therapies for oncology and autoimmune disorders. The company's proprietary platform enables the genetic engineering of γδ T cells with chimeric antigen receptors (CARs) and other molecular modifications to enhance tumor targeting, expansion, and persistence. By leveraging the innate tumor-recognition properties of γδ T cells, Adicet seeks to overcome the manufacturing and safety challenges associated with autologous cell therapies.

Adicet's lead product candidate, ADI-001, is a CAR‐engineered allogeneic γδ T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.

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