Adicet Bio (NASDAQ:ACET) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a research note released on Tuesday.

Several other equities analysts also recently issued reports on the stock. HC Wainwright reaffirmed a buy rating and set a $10.00 price objective on shares of Adicet Bio in a report on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a buy rating and set a $19.00 price objective on shares of Adicet Bio in a report on Wednesday, August 14th. Finally, Wedbush reaffirmed an outperform rating and set a $5.00 price objective on shares of Adicet Bio in a report on Tuesday.

Adicet Bio Stock Performance

ACET stock opened at $1.43 on Tuesday. The firm has a market cap of $117.83 million, a PE ratio of -0.48 and a beta of 1.79. The firm’s fifty day moving average is $1.39 and its 200 day moving average is $1.67. Adicet Bio has a one year low of $1.05 and a one year high of $3.77.

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

Hedge Funds Weigh In On Adicet Bio

Several hedge funds and other institutional investors have recently modified their holdings of the business. RA Capital Management L.P. purchased a new position in shares of Adicet Bio in the first quarter worth about $17,721,000. Vanguard Group Inc. lifted its stake in shares of Adicet Bio by 85.5% in the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after buying an additional 1,441,503 shares in the last quarter. Carlyle Group Inc. lifted its stake in shares of Adicet Bio by 39.4% in the first quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock worth $6,900,000 after buying an additional 833,333 shares in the last quarter. Renaissance Technologies LLC raised its stake in Adicet Bio by 44.2% during the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock worth $1,830,000 after purchasing an additional 463,600 shares during the period. Finally, Blackstone Inc. purchased a new position in Adicet Bio during the first quarter worth about $2,906,000. 83.89% of the stock is owned by hedge funds and other institutional investors.

Adicet Bio Company Profile

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.