Adicet Bio (NASDAQ:ACET) Releases Earnings Results, Beats Expectations By $0.29 EPS

Adicet Bio (NASDAQ:ACET) posted its quarterly earnings data on Thursday. The company reported ($2.94) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.23) by $0.29, FiscalAI reports.

Adicet Bio Stock Down 5.8%

Shares of ACET stock traded down $0.43 on Thursday, hitting $7.04. The stock had a trading volume of 85,233 shares, compared to its average volume of 174,007. Adicet Bio has a one year low of $6.41 and a one year high of $17.44. The business has a 50 day moving average price of $7.69 and a 200 day moving average price of $10.13. The company has a market cap of $67.44 million, a PE ratio of -0.35 and a beta of 1.56. The company has a quick ratio of 5.62, a current ratio of 5.62 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ACET. Susquehanna International Group LLP bought a new stake in shares of Adicet Bio in the 3rd quarter valued at about $33,000. Squarepoint Ops LLC bought a new position in shares of Adicet Bio during the third quarter valued at approximately $38,000. Luminus Management LLC bought a new position in shares of Adicet Bio during the fourth quarter valued at approximately $501,000. Burkehill Global Management LP purchased a new position in Adicet Bio during the fourth quarter valued at approximately $526,000. Finally, Virtu Financial LLC purchased a new position in Adicet Bio during the third quarter valued at approximately $65,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Wall Street Analyst Weigh In

ACET has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $50.00 target price (up from $9.00) on shares of Adicet Bio in a research note on Wednesday, January 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adicet Bio in a research note on Tuesday, January 27th. Citigroup restated a “market perform” rating on shares of Adicet Bio in a report on Wednesday, November 19th. Finally, Canaccord Genuity Group set a $18.00 price objective on shares of Adicet Bio and gave the company a “buy” rating in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.00.

About Adicet Bio

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.