HC Wainwright Reaffirms “Neutral” Rating for Adicet Bio (NASDAQ:ACET)

HC Wainwright restated their neutral rating on shares of Adicet Bio (NASDAQ:ACET) in a report issued on Monday,Benzinga reports.

A number of other equities analysts have also issued reports on ACET. Canaccord Genuity Group decreased 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 report on Wednesday, September 11th. Wedbush reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Adicet Bio in a research report on Thursday, November 7th. StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Guggenheim initiated coverage on Adicet Bio in a research report on Monday, September 30th. They issued a “buy” rating and a $7.00 target price for the company. 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, Adicet Bio has a consensus rating of “Hold” and a consensus price target of $7.50.

Adicet Bio Stock Performance

ACET opened at $0.92 on Monday. The company’s 50 day simple moving average is $1.35 and its 200 day simple moving average is $1.39. Adicet Bio has a 1 year low of $0.91 and a 1 year high of $3.77. The stock has a market capitalization of $75.84 million, a PE ratio of -0.54 and a beta of 1.81.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.34). As a group, sell-side analysts expect that Adicet Bio will post -1.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently made changes to their positions in ACET. RA Capital Management L.P. bought a new position in shares of Adicet Bio in the first quarter valued at approximately $17,721,000. Vanguard Group Inc. raised its stake 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 buying an additional 1,441,503 shares in the last quarter. Blackstone Inc. bought a new position in shares of Adicet Bio during the first quarter valued at approximately $2,906,000. Acadian Asset Management LLC grew its holdings in shares of Adicet Bio by 205.4% during the second 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 during the last quarter. Finally, Stonepine Capital Management LLC raised its position in Adicet Bio by 330.6% in the second quarter. Stonepine Capital Management LLC now owns 609,446 shares of the company’s stock worth $737,000 after acquiring an additional 467,898 shares during the period. Institutional investors and hedge funds 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.