Adicet Bio’s (ACET) “Outperform” Rating Reaffirmed at Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report released on Friday, Benzinga reports. They presently have a $5.00 price objective on the stock. Wedbush’s target price would suggest a potential upside of 226.80% from the company’s current price.

Several other analysts also recently weighed in on ACET. Canaccord Genuity Group lowered their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. StockNews.com downgraded Adicet Bio from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Finally, HC Wainwright restated a “neutral” rating on shares of Adicet Bio in a report on Thursday.

Adicet Bio Stock Up 0.7 %

NASDAQ ACET opened at $1.53 on Friday. The stock has a market cap of $125.73 million, a PE ratio of -0.52 and a beta of 1.79. The business has a 50 day moving average price of $1.44 and a two-hundred day moving average price of $1.63. Adicet Bio has a fifty-two week low of $1.05 and a fifty-two week high of $3.77.

Adicet Bio (NASDAQ:ACET) last announced its earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.03. Sell-side analysts anticipate that Adicet Bio will post -1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Adicet Bio during the first quarter valued at approximately $28,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Adicet Bio in the 1st quarter valued at approximately $37,000. American International Group Inc. raised its position in shares of Adicet Bio by 74.2% during the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after acquiring an additional 11,214 shares in the last quarter. Point72 DIFC Ltd lifted its stake in Adicet Bio by 77.5% during the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after purchasing an additional 14,596 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Adicet Bio in the second quarter worth $43,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

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.