StockNews.com Downgrades Adicet Bio (NASDAQ:ACET) to Sell

StockNews.com downgraded shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

A number of other research analysts have also issued reports on the stock. Canaccord Genuity Group reduced their target price on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a report on Monday. Guggenheim started coverage on Adicet Bio in a research note on Monday, September 30th. They set a “buy” rating and a $7.00 target price on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a research note on Thursday, November 7th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.50.

Adicet Bio Trading Up 6.4 %

Shares of NASDAQ ACET opened at $1.03 on Tuesday. Adicet Bio has a 12-month low of $0.93 and a 12-month high of $3.77. The company has a market cap of $84.87 million, a price-to-earnings ratio of -0.60 and a beta of 1.81. The stock’s 50 day simple moving average is $1.37 and its 200 day simple moving average is $1.40.

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). As a group, equities analysts forecast that Adicet Bio will post -1.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

A number of institutional investors have recently added to or reduced their stakes in ACET. Price T Rowe Associates Inc. MD acquired a new position in shares of Adicet Bio during the 1st quarter valued at $37,000. American International Group Inc. grew its holdings in Adicet Bio by 74.2% during the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after acquiring an additional 11,214 shares during the period. Point72 DIFC Ltd raised its position 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 acquiring an additional 14,596 shares in the last quarter. Marshall Wace LLP acquired a new stake in Adicet Bio in the 2nd quarter valued at about $43,000. Finally, Bayesian Capital Management LP bought a new position in shares of Adicet Bio during the 1st quarter valued at about $90,000. 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.