Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Drops By 18.1%

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 2,990,000 shares, a decrease of 18.1% from the November 15th total of 3,650,000 shares. Based on an average trading volume of 576,900 shares, the days-to-cover ratio is currently 5.2 days.

Analyst Ratings Changes

A number of research firms recently commented on ACET. StockNews.com cut shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Canaccord Genuity Group dropped 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. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a report on Monday, November 18th. Guggenheim initiated coverage on Adicet Bio in a report on Monday, September 30th. They set a “buy” rating and a $7.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Adicet Bio in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Adicet Bio presently has an average rating of “Hold” and a consensus price target of $7.50.

Hedge Funds Weigh In On Adicet Bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Adicet Bio by 85.5% in the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock worth $7,347,000 after purchasing an additional 1,441,503 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Adicet Bio during the 1st quarter worth $37,000. Acadian Asset Management LLC increased its position in Adicet Bio by 205.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock valued at $1,312,000 after buying an additional 729,750 shares in the last quarter. American Century Companies Inc. raised its stake in Adicet Bio by 22.9% in the second quarter. American Century Companies Inc. now owns 76,087 shares of the company’s stock valued at $92,000 after buying an additional 14,196 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Adicet Bio by 44.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock worth $1,830,000 after acquiring an additional 463,600 shares in the last quarter. Institutional investors own 83.89% of the company’s stock.

Adicet Bio Price Performance

Adicet Bio stock opened at $0.96 on Friday. The stock has a market cap of $79.50 million, a price-to-earnings ratio of -0.56 and a beta of 1.88. The firm has a 50-day moving average of $1.21 and a two-hundred day moving average of $1.33. Adicet Bio has a 1 year low of $0.89 and a 1 year high of $3.77.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). Research analysts expect that Adicet Bio will post -1.39 earnings per share for the current year.

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.