Analysts Set Adicet Bio, Inc. (NASDAQ:ACET) Target Price at $12.83

Adicet Bio, Inc. (NASDAQ:ACET) has been assigned an average rating of “Moderate Buy” from the eight research firms that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $12.83.

Several research firms have issued reports on ACET. Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Adicet Bio in a research note on Tuesday, April 23rd. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Adicet Bio in a report on Tuesday, April 2nd. StockNews.com upgraded Adicet Bio to a “sell” rating in a report on Friday, March 22nd. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $19.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th.

Adicet Bio Price Performance

Shares of ACET opened at $1.68 on Monday. Adicet Bio has a 1-year low of $1.10 and a 1-year high of $7.50. The firm has a 50 day simple moving average of $2.26 and a 200-day simple moving average of $2.03. The stock has a market cap of $138.05 million, a price-to-earnings ratio of -0.51 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.03. On average, equities analysts expect that Adicet Bio will post -1.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

Hedge funds have recently made changes to their positions in the business. Summit Trail Advisors LLC raised its position in Adicet Bio by 80.0% in the third quarter. Summit Trail Advisors LLC now owns 18,000 shares of the company’s stock valued at $25,000 after purchasing an additional 8,000 shares during the period. Marquette Asset Management LLC purchased a new stake in shares of Adicet Bio during the 3rd quarter valued at about $39,000. Exchange Traded Concepts LLC lifted its position in Adicet Bio by 107.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 61,196 shares of the company’s stock worth $84,000 after acquiring an additional 31,706 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in Adicet Bio in the 4th quarter worth approximately $98,000. Finally, Bank of New York Mellon Corp grew its position in Adicet Bio by 30.3% in the third quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after acquiring an additional 30,529 shares in the last quarter. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.