HC Wainwright Lowers Adicet Bio (NASDAQ:ACET) to Neutral

Adicet Bio (NASDAQ:ACET) was downgraded by HC Wainwright from a “buy” rating to a “neutral” rating in a report issued on Wednesday, MarketBeat Ratings reports.

Several other equities research analysts have also recently commented on ACET. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Adicet Bio in a research report on Wednesday, August 14th. StockNews.com lowered Adicet Bio from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Adicet Bio in a report on Tuesday.

Adicet Bio Price Performance

NASDAQ ACET opened at $1.53 on Wednesday. Adicet Bio has a one year low of $1.05 and a one year high of $3.77. The firm has a market cap of $125.73 million, a P/E ratio of -0.52 and a beta of 1.79. The stock’s 50-day moving average is $1.40 and its 200-day moving average is $1.66.

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

Hedge Funds Weigh In On Adicet Bio

A number of large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in Adicet Bio during the first quarter worth about $28,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Adicet Bio during the 1st quarter worth approximately $37,000. American International Group Inc. boosted its holdings in shares of Adicet Bio by 74.2% in the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after buying an additional 11,214 shares during the last quarter. Point72 DIFC Ltd boosted its holdings in shares of 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 buying an additional 14,596 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Adicet Bio in the second quarter valued at $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.