Adicet Bio (NASDAQ:ACET) Downgraded to “Sell” Rating by StockNews.com

StockNews.com lowered shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a report released on Thursday morning.

ACET has been the topic of a number of other research reports. Canaccord Genuity Group lowered their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Guggenheim started coverage on shares of Adicet Bio in a research note on Monday, September 30th. They issued a “buy” rating and a $7.00 target price for the company. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Adicet Bio in a report on Friday, September 20th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Adicet Bio currently has an average rating of “Hold” and an average target price of $7.50.

Adicet Bio Trading Down 1.5 %

Shares of NASDAQ:ACET opened at $1.31 on Thursday. Adicet Bio has a twelve month low of $1.05 and a twelve month high of $3.77. The company has a market cap of $107.94 million, a PE ratio of -0.77 and a beta of 1.81. The company’s 50 day moving average is $1.42 and its 200 day moving average is $1.42.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Wednesday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.34). Equities research analysts predict that Adicet Bio will post -1.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Adicet Bio during the 1st quarter worth approximately $28,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Adicet Bio during the first quarter worth approximately $37,000. Point72 DIFC Ltd increased its position in shares of Adicet Bio by 77.5% during 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 in the last quarter. Marshall Wace LLP acquired a new position in Adicet Bio in the 2nd quarter valued at $43,000. Finally, GSA Capital Partners LLP lifted its holdings in Adicet Bio by 161.3% in the 3rd quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock valued at $56,000 after purchasing an additional 24,203 shares in the last quarter. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.