Adicet Bio (NASDAQ:ACET) Receives “Outperform” Rating from Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report released on Friday, Benzinga reports. They currently have a $5.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 228.95% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a report on Thursday. StockNews.com downgraded Adicet Bio from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Finally, Canaccord Genuity Group dropped their target price on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th.

Adicet Bio Price Performance

Shares of ACET opened at $1.52 on Friday. The firm has a market capitalization of $125.25 million, a price-to-earnings ratio of -0.52 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 company has a 50-day moving average of $1.43 and a 200 day moving average of $1.63.

Adicet Bio (NASDAQ:ACET) last posted its quarterly 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. On average, equities analysts anticipate that Adicet Bio will post -1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Adicet Bio in the 1st quarter valued at about $28,000. Price T Rowe Associates Inc. MD acquired a new stake in Adicet Bio in the first quarter valued at approximately $37,000. American International Group Inc. boosted 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 valued at $62,000 after acquiring an additional 11,214 shares in the last quarter. Point72 DIFC Ltd grew its holdings in Adicet Bio by 77.5% in 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 shares of Adicet Bio during the second quarter worth $43,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.