Adicet Bio (NASDAQ:ACET) Coverage Initiated at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Adicet Bio (NASDAQ:ACETGet Rating) in a research note issued to investors on Wednesday, The Fly reports. The firm set an “overweight” rating and a $23.00 price target on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 68.37% from the stock’s previous close.

Several other analysts have also issued reports on ACET. Truist Financial lowered their target price on Adicet Bio to $27.00 in a research note on Tuesday, August 23rd. TheStreet lowered Adicet Bio from a “c-” rating to a “d+” rating in a research note on Wednesday, June 1st. JMP Securities reiterated a “buy” rating and set a $21.00 price objective on shares of Adicet Bio in a research note on Tuesday, June 7th. Finally, StockNews.com lowered Adicet Bio from a “hold” rating to a “sell” rating in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.43.

Adicet Bio Trading Down 4.4 %

Shares of Adicet Bio stock opened at $13.66 on Wednesday. The firm has a market capitalization of $546.82 million, a P/E ratio of -9.97 and a beta of 2.29. The business’s fifty day simple moving average is $15.88 and its 200 day simple moving average is $14.96. Adicet Bio has a 12 month low of $7.01 and a 12 month high of $21.17.

Adicet Bio (NASDAQ:ACETGet Rating) last issued its earnings results on Wednesday, August 10th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.10). Adicet Bio had a negative net margin of 93.18% and a negative return on equity of 16.98%. Analysts predict that Adicet Bio will post -1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Blake Aftab sold 6,968 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $18.00, for a total transaction of $125,424.00. Following the completion of the transaction, the insider now directly owns 38,967 shares in the company, valued at $701,406. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Blake Aftab sold 6,968 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $18.00, for a total transaction of $125,424.00. Following the completion of the transaction, the insider now directly owns 38,967 shares in the company, valued at $701,406. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Chen Schor sold 8,094 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $16.51, for a total value of $133,631.94. Following the transaction, the chief executive officer now owns 66,747 shares of the company’s stock, valued at $1,101,992.97. The disclosure for this sale can be found here. Insiders sold a total of 91,292 shares of company stock worth $1,534,604 over the last ninety days. 29.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Adicet Bio by 69.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,672 shares of the company’s stock worth $33,000 after purchasing an additional 685 shares in the last quarter. J. Goldman & Co LP boosted its holdings in shares of Adicet Bio by 4.7% in the 1st quarter. J. Goldman & Co LP now owns 19,650 shares of the company’s stock worth $392,000 after purchasing an additional 878 shares in the last quarter. American International Group Inc. boosted its holdings in shares of Adicet Bio by 15.1% in the 1st quarter. American International Group Inc. now owns 12,789 shares of the company’s stock worth $255,000 after purchasing an additional 1,675 shares in the last quarter. Amalgamated Bank purchased a new position in shares of Adicet Bio in the 1st quarter worth about $51,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Adicet Bio by 18.1% in the 1st quarter. JPMorgan Chase & Co. now owns 16,766 shares of the company’s stock worth $335,000 after purchasing an additional 2,564 shares in the last quarter.

About Adicet Bio

(Get Rating)

Adicet Bio, Inc, a biotechnology company, discovers and develops allogeneic gamma delta T cell therapies for cancer and other diseases. The company offers gamma delta T cells engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and enhance persistence for durable activity in patients.

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