Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Drops By 16.9%

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 3,140,000 shares, a decrease of 16.9% from the February 13th total of 3,780,000 shares. Based on an average daily volume of 834,000 shares, the short-interest ratio is currently 3.8 days. Currently, 4.7% of the company’s stock are sold short.

Institutional Trading of Adicet Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in shares of Adicet Bio during the fourth quarter worth $29,000. GSA Capital Partners LLP grew its position in Adicet Bio by 161.3% during the 3rd quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock worth $56,000 after purchasing an additional 24,203 shares during the period. Wealthedge Investment Advisors LLC purchased a new position in shares of Adicet Bio during the 4th quarter valued at about $71,000. JPMorgan Chase & Co. lifted its holdings in shares of Adicet Bio by 10,321.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 80,353 shares of the company’s stock valued at $116,000 after buying an additional 79,582 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Adicet Bio by 25.1% in the fourth quarter. Northern Trust Corp now owns 140,369 shares of the company’s stock worth $135,000 after buying an additional 28,153 shares during the last quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JMP Securities reiterated a “market perform” rating on shares of Adicet Bio in a report on Thursday, February 6th. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.50.

Adicet Bio Price Performance

Shares of ACET stock opened at $0.78 on Thursday. The business has a fifty day moving average of $0.90 and a 200 day moving average of $1.11. Adicet Bio has a 1 year low of $0.74 and a 1 year high of $2.43. The firm has a market capitalization of $64.29 million, a price-to-earnings ratio of -0.45 and a beta of 1.97.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.05. As a group, equities 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.