Adicet Bio (NASDAQ:ACET) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Adicet Bio, Inc. (NASDAQ:ACET) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $7.78 and traded as high as $9.15. Adicet Bio shares last traded at $8.55, with a volume of 116,361 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ACET shares. Weiss Ratings raised Adicet Bio from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Jefferies Financial Group started coverage on Adicet Bio in a report on Tuesday, May 5th. They set a “buy” rating and a $19.00 price target for the company. Truist Financial upgraded shares of Adicet Bio to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright cut their price objective on shares of Adicet Bio from $50.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, March 23rd. Finally, Wall Street Zen upgraded shares of Adicet Bio from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Adicet Bio currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.80.

Adicet Bio Stock Down 1.7%

The stock has a market cap of $81.16 million, a PE ratio of -0.58 and a beta of 1.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.66 and a quick ratio of 7.65. The company has a 50 day moving average price of $8.24 and a two-hundred day moving average price of $7.78.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($1.88) EPS for the quarter, beating the consensus estimate of ($2.93) by $1.05. Analysts expect that Adicet Bio, Inc. will post -8.61 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC bought a new position in Adicet Bio during the first quarter valued at approximately $26,000. Susquehanna International Group LLP bought a new stake in Adicet Bio in the 3rd quarter worth approximately $33,000. Squarepoint Ops LLC bought a new stake in Adicet Bio in the 3rd quarter worth approximately $38,000. FNY Investment Advisers LLC purchased a new stake in Adicet Bio during the 4th quarter valued at $51,000. Finally, Virtu Financial LLC purchased a new stake in Adicet Bio during the 3rd quarter valued at $65,000. 83.89% of the stock is owned by hedge funds and other institutional investors.

Adicet Bio Company Profile

Adicet Bio, Inc (NASDAQ: ACET) is a clinical‐stage biotechnology company specializing in the development of off‐the‐shelf, allogeneic gamma delta (γδ) T cell therapies for oncology and autoimmune disorders. The company’s proprietary platform enables the genetic engineering of γδ T cells with chimeric antigen receptors (CARs) and other molecular modifications to enhance tumor targeting, expansion, and persistence. By leveraging the innate tumor-recognition properties of γδ T cells, Adicet seeks to overcome the manufacturing and safety challenges associated with autologous cell therapies.

Adicet’s lead product candidate, ADI-001, is a CAR‐engineered allogeneic γδ T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.