Adicet Bio (NASDAQ:ACET) Rating Reiterated by Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report released on Tuesday, Benzinga reports. They currently have a $5.00 price target on the stock. Wedbush’s price target suggests a potential upside of 136.97% from the company’s current price.

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

Adicet Bio Stock Performance

Shares of ACET stock traded up $0.11 on Tuesday, hitting $2.11. 824,635 shares of the company’s stock traded hands, compared to its average volume of 1,546,304. The stock has a market capitalization of $173.38 million, a price-to-earnings ratio of -0.64 and a beta of 1.88. The company’s fifty day simple moving average is $2.34 and its 200 day simple moving average is $2.02. Adicet Bio has a one year low of $1.10 and a one year high of $7.50.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings data on Tuesday, March 19th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.03. As a group, sell-side analysts anticipate that Adicet Bio will post -1.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adicet Bio news, Director Orbimed Advisors Llc bought 3,125,000 shares of the stock in a transaction dated Thursday, January 25th. The stock was purchased at an average cost of $2.40 per share, for a total transaction of $7,500,000.00. Following the completion of the acquisition, the director now owns 7,526,359 shares of the company’s stock, valued at $18,063,261.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 29.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adicet Bio

Hedge funds have recently bought and sold shares of the company. Panagora Asset Management Inc. bought a new position in shares of Adicet Bio in the fourth quarter worth approximately $98,000. Exchange Traded Concepts LLC increased its holdings in shares of Adicet Bio by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock worth $155,000 after purchasing an additional 20,790 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Adicet Bio by 2,182.5% in the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock worth $715,000 after buying an additional 500,095 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in Adicet Bio by 80.0% during the 3rd quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company’s stock valued at $25,000 after acquiring an additional 8,000 shares during the period. Finally, Marquette Asset Management LLC bought a new stake in shares of Adicet Bio in the third quarter worth approximately $39,000. 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.