Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Declines By 10.3%

Adicet Bio, Inc. (NASDAQ:ACET) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 4,100,000 shares, a drop of 10.3% from the August 15th total of 4,570,000 shares. Based on an average daily trading volume, of 921,000 shares, the days-to-cover ratio is currently 4.5 days.

Adicet Bio Trading Down 2.7 %

Shares of ACET stock opened at $1.46 on Thursday. Adicet Bio has a fifty-two week low of $1.05 and a fifty-two week high of $3.77. The stock has a 50 day moving average price of $1.43 and a two-hundred day moving average price of $1.63.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased 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. American International Group Inc. raised its holdings in Adicet Bio by 74.2% in the 1st 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 in the last quarter. Point72 DIFC Ltd lifted its position 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 worth $40,000 after purchasing an additional 14,596 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Adicet Bio during the 2nd quarter valued at about $43,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ACET. HC Wainwright lowered Adicet Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. Canaccord Genuity Group lowered their price objective on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Adicet Bio in a research report on Tuesday, September 10th.

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.