Adicet Bio (NASDAQ:ACET) Stock Rating Reaffirmed by Wedbush

Adicet Bio (NASDAQ:ACETGet Free Report)‘s stock had its “outperform” rating reiterated by equities researchers at Wedbush in a research note issued to investors on Monday, RTT News reports. They currently have a $15.00 price target on the stock. Wedbush’s price target would indicate a potential upside of 370.22% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. HC Wainwright decreased their price target on shares of Adicet Bio from $26.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. StockNews.com raised shares of Adicet Bio to a “sell” rating in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.50.

Get Our Latest Stock Analysis on ACET

Adicet Bio Stock Performance

ACET stock opened at $3.19 on Monday. Adicet Bio has a 52-week low of $1.10 and a 52-week high of $8.69. The company has a fifty day moving average price of $2.15 and a 200-day moving average price of $1.82. The company has a market capitalization of $223.82 million, a P/E ratio of -0.95 and a beta of 1.94.

Adicet Bio (NASDAQ:ACETGet Free Report) last announced its earnings results on Wednesday, November 8th. The company reported ($0.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.02. As a group, sell-side analysts forecast that Adicet Bio will post -2.94 earnings per share for the current fiscal year.

Insider Activity

In other Adicet Bio news, Director Orbimed Advisors Llc acquired 3,125,000 shares of Adicet Bio stock in a transaction dated Thursday, January 25th. The stock was purchased at an average cost of $2.40 per share, for a total transaction of $7,500,000.00. Following the completion of the acquisition, the director now directly owns 7,526,359 shares of the company’s stock, valued at $18,063,261.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 29.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACET. JPMorgan Chase & Co. boosted its holdings in Adicet Bio by 18.1% during the first quarter. JPMorgan Chase & Co. now owns 16,766 shares of the company’s stock worth $335,000 after purchasing an additional 2,564 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Adicet Bio by 13.8% during the first quarter. Bank of New York Mellon Corp now owns 122,099 shares of the company’s stock worth $2,438,000 after purchasing an additional 14,799 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Adicet Bio by 55.8% during the first quarter. MetLife Investment Management LLC now owns 12,717 shares of the company’s stock worth $254,000 after purchasing an additional 4,557 shares during the last quarter. Rhumbline Advisers boosted its holdings in Adicet Bio by 40.7% during the first quarter. Rhumbline Advisers now owns 31,679 shares of the company’s stock worth $633,000 after purchasing an additional 9,160 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in Adicet Bio by 11.4% during the first quarter. BlackRock Inc. now owns 1,618,107 shares of the company’s stock worth $32,314,000 after purchasing an additional 165,655 shares during the last quarter. 85.29% of the stock is currently owned by hedge funds and other institutional investors.

About Adicet Bio

(Get Free Report)

Adicet Bio, Inc, a clinical stage 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 chimeric adaptors to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and enhance persistence for durable activity in patients.

Further Reading

Analyst Recommendations for Adicet Bio (NASDAQ:ACET)

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