Adicet Bio (NASDAQ:ACET) Coverage Initiated at Guggenheim

Investment analysts at Guggenheim began coverage on shares of Adicet Bio (NASDAQ:ACET) in a research note issued on Monday, StockNewsAPI reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Guggenheim’s price target would suggest a potential upside of 366.67% from the company’s current price.

A number of other research analysts have also issued reports on ACET. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a report on Thursday, September 19th. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Adicet Bio in a research note on Friday, September 20th. Finally, Canaccord Genuity Group lowered their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.50.

Adicet Bio Stock Performance

NASDAQ ACET opened at $1.50 on Monday. The firm’s fifty day moving average price is $1.45 and its two-hundred day moving average price is $1.58. The stock has a market cap of $123.60 million, a PE ratio of -0.51 and a beta of 1.79. Adicet Bio has a fifty-two week low of $1.05 and a fifty-two week high of $3.77.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.03. As a group, sell-side analysts predict that Adicet Bio will post -1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Adicet Bio by 85.5% during the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after acquiring an additional 1,441,503 shares during the period. Acadian Asset Management LLC grew its stake in Adicet Bio by 205.4% during the second quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock worth $1,312,000 after purchasing an additional 729,750 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in Adicet Bio during the first quarter worth approximately $37,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Adicet Bio in the first quarter worth approximately $28,000. Finally, American International Group Inc. grew its position in shares of Adicet Bio by 74.2% during the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after buying an additional 11,214 shares during the period. 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.