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

Adicet Bio, Inc. (NASDAQ:ACET) was the recipient 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 daily volume of 576,900 shares, the short-interest ratio is presently 5.2 days.

Adicet Bio Trading Down 1.0 %

Shares of NASDAQ:ACET opened at $0.96 on Friday. The company has a 50 day moving average of $1.21 and a 200 day moving average of $1.33. The stock has a market cap of $79.50 million, a P/E ratio of -0.56 and a beta of 1.88. Adicet Bio has a 12 month low of $0.89 and a 12 month high of $3.77.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). On average, 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

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD purchased a new stake in Adicet Bio during the first quarter valued at about $37,000. Point72 DIFC Ltd boosted its position in Adicet Bio by 77.5% during the 2nd quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after acquiring an additional 14,596 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Adicet Bio during the second quarter valued at approximately $43,000. GSA Capital Partners LLP boosted its holdings in shares of Adicet Bio by 161.3% during the 3rd quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock valued at $56,000 after buying an additional 24,203 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Adicet Bio in the second quarter worth about $62,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Wall Street Analysts Forecast Growth

ACET has been the topic of a number of research reports. Guggenheim began coverage on Adicet Bio in a research report on Monday, September 30th. They set a “buy” rating and a $7.00 target price on the stock. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. HC Wainwright reissued a “neutral” rating on shares of Adicet Bio in a report on Monday, November 18th. Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Adicet Bio in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group dropped their price objective on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Adicet Bio has a consensus rating of “Hold” and a consensus price target of $7.50.

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.