Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Update

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a large decrease in short interest in August. As of August 14th, there was short interest totaling 262,357 shares, a decrease of 33.9% from the July 30th total of 397,053 shares. Approximately 2.9% of the shares of the stock are sold short. Based on an average daily volume of 82,757 shares, the days-to-cover ratio is presently 3.2 days.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ACET. Jefferies Financial Group started coverage on shares of Adicet Bio in a research report on Tuesday, May 5th. They issued a “buy” rating and a $19.00 target price on the stock. Wall Street Zen lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Saturday. Guggenheim restated a “buy” rating and issued a $90.00 price target (down from $100.00) on shares of Adicet Bio in a research report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adicet Bio in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Adicet Bio presently has an average rating of “Moderate Buy” and an average target price of $46.80.

Adicet Bio Trading Up 6.4%

Shares of Adicet Bio stock opened at $9.26 on Wednesday. The stock has a market capitalization of $86.67 million, a PE ratio of -0.81 and a beta of 1.58. The stock has a 50 day moving average price of $8.65 and a two-hundred day moving average price of $7.93. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.71 and a current ratio of 6.71. Adicet Bio has a 52 week low of $6.01 and a 52 week high of $17.44.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Wednesday, August 5th. The company reported ($1.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30). As a group, equities analysts anticipate that Adicet Bio will post -6.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. AXQ Capital LP purchased a new position in Adicet Bio during the 2nd quarter valued at about $95,000. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adicet Bio in the second quarter worth $522,819. Johnson & Johnson purchased a new stake in shares of Adicet Bio in the second quarter worth $196,811. NewEdge Advisors LLC bought a new stake in Adicet Bio during the first quarter valued at $26,000. Finally, Rangeley Capital LLC boosted its stake in Adicet Bio by 124.0% during the first quarter. Rangeley Capital LLC now owns 56,000 shares of the company’s stock valued at $381,000 after buying an additional 30,999 shares during the period. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.