Wedbush Reiterates “Outperform” Rating for Adicet Bio (NASDAQ:ACET)

Wedbush restated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a report issued on Tuesday, Benzinga reports. The firm currently has a $5.00 price target on the stock.

A number of other research firms have also issued reports on ACET. 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, March 20th. HC Wainwright reiterated a buy rating and issued a $10.00 target price on shares of Adicet Bio in a research note on Tuesday, April 2nd. Finally, StockNews.com upgraded shares of Adicet Bio to a sell rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $12.83.

Adicet Bio Stock Down 3.5 %

Shares of ACET opened at $1.81 on Tuesday. The company’s fifty day moving average is $2.28 and its 200-day moving average is $2.02. Adicet Bio has a 12 month low of $1.10 and a 12 month high of $7.50. The firm has a market cap of $148.73 million, a price-to-earnings ratio of -0.55 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.03. As a group, research analysts predict that Adicet Bio will post -1.72 earnings per share for the current fiscal year.

Institutional Trading of Adicet Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its position in Adicet Bio by 2,182.5% in the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock worth $715,000 after purchasing an additional 500,095 shares during the last quarter. Acuitas Investments LLC acquired a new stake in Adicet Bio in the 3rd quarter worth $187,000. Bank of New York Mellon Corp grew its position in Adicet Bio by 30.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock worth $180,000 after purchasing an additional 30,529 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Adicet Bio by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock worth $155,000 after purchasing an additional 20,790 shares during the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in Adicet Bio in the 4th quarter worth $98,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

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.