Adicet Bio (NASDAQ:ACET) Given New $8.00 Price Target at Canaccord Genuity Group

Adicet Bio (NASDAQ:ACET) had its price target cut by Canaccord Genuity Group from $19.00 to $8.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on ACET. StockNews.com lowered Adicet Bio from a hold rating to a sell rating in a research report on Tuesday. HC Wainwright cut Adicet Bio from a buy rating to a neutral rating in a report on Wednesday. Finally, Wedbush reissued an outperform rating and set a $5.00 target price on shares of Adicet Bio in a research report on Tuesday.

Adicet Bio Price Performance

Shares of ACET opened at $1.43 on Wednesday. The stock has a market capitalization of $117.51 million, a price-to-earnings ratio of -0.48 and a beta of 1.79. Adicet Bio has a 1 year low of $1.05 and a 1 year high of $3.77. The business’s 50 day simple moving average is $1.40 and its 200-day simple moving average is $1.67.

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

Institutional Trading of Adicet Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Adicet Bio during the first quarter valued at approximately $28,000. Price T Rowe Associates Inc. MD purchased a new position in Adicet Bio during the 1st quarter valued at $37,000. Point72 DIFC Ltd grew its position in Adicet Bio by 77.5% in the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after acquiring an additional 14,596 shares during the last quarter. Marshall Wace LLP purchased a new stake in Adicet Bio in the second quarter worth $43,000. Finally, American International Group Inc. increased its stake in Adicet Bio by 74.2% in the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after purchasing an additional 11,214 shares during the period. 83.89% of the stock is owned by hedge funds and other institutional investors.

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.