Q1 2024 Earnings Estimate for Adicet Bio, Inc. (NASDAQ:ACET) Issued By HC Wainwright

Adicet Bio, Inc. (NASDAQ:ACET) – Equities researchers at HC Wainwright raised their Q1 2024 earnings per share estimates for Adicet Bio in a note issued to investors on Wednesday, March 20th. HC Wainwright analyst E. White now anticipates that the company will earn ($0.43) per share for the quarter, up from their previous forecast of ($0.47). HC Wainwright currently has a “Buy” rating and a $10.00 target price on the stock. The consensus estimate for Adicet Bio’s current full-year earnings is ($1.76) per share. HC Wainwright also issued estimates for Adicet Bio’s Q2 2024 earnings at ($0.36) EPS, Q3 2024 earnings at ($0.37) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.55) EPS, FY2025 earnings at ($1.78) EPS and FY2026 earnings at ($1.83) EPS.

Several other equities analysts have also commented on ACET. StockNews.com upgraded Adicet Bio to a “sell” rating in a research note on Friday. Canaccord Genuity Group reiterated a “buy” rating and issued a $19.00 target price on shares of Adicet Bio in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Adicet Bio in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adicet Bio currently has a consensus rating of “Hold” and a consensus target price of $12.83.

Adicet Bio Trading Up 7.4 %

Adicet Bio stock opened at $2.19 on Friday. The firm has a market capitalization of $179.91 million, a P/E ratio of -0.66 and a beta of 1.87. The stock has a fifty day moving average price of $2.62 and a 200 day moving average price of $1.92. Adicet Bio has a 52 week low of $1.10 and a 52 week high of $7.50.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Tuesday, March 19th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.03.

Insiders Place Their Bets

In other news, Director Orbimed Advisors Llc purchased 3,125,000 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was bought at an average cost of $2.40 per share, for a total transaction of $7,500,000.00. Following the completion of the purchase, the director now directly owns 7,526,359 shares of the company’s stock, valued at approximately $18,063,261.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 29.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently modified their holdings of the stock. American International Group Inc. boosted its position in shares of Adicet Bio by 15.1% in the first quarter. American International Group Inc. now owns 12,789 shares of the company’s stock worth $255,000 after buying an additional 1,675 shares during the period. Rhumbline Advisers boosted its position in shares of Adicet Bio by 4.9% in the first quarter. Rhumbline Advisers now owns 47,618 shares of the company’s stock worth $274,000 after buying an additional 2,243 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Adicet Bio by 18.1% in the first quarter. JPMorgan Chase & Co. now owns 16,766 shares of the company’s stock worth $335,000 after buying an additional 2,564 shares during the period. MetLife Investment Management LLC boosted its position in shares of Adicet Bio by 25.8% in the fourth quarter. MetLife Investment Management LLC now owns 15,993 shares of the company’s stock worth $143,000 after buying an additional 3,276 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Adicet Bio by 27.4% in the fourth quarter. AQR Capital Management LLC now owns 15,933 shares of the company’s stock worth $142,000 after buying an additional 3,423 shares during the period. Hedge funds and other institutional investors own 85.29% 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 in pipeline includes ADI-001, which is in Phase I clinical trial for the treatment of non-Hodgkin's lymphoma.