Adicet Bio, Inc. (NASDAQ:ACET) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have received a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $12.83.

ACET has been the topic of a number of recent analyst reports. StockNews.com raised Adicet Bio to a “sell” rating in a research report on Friday, March 22nd. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Adicet Bio in a report on Wednesday, March 20th. Canaccord Genuity Group restated a “buy” rating and issued a $19.00 price target on shares of Adicet Bio in a research note on Wednesday, March 20th. Finally, Wedbush reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Adicet Bio in a research report on Wednesday, March 20th.

Adicet Bio Trading Up 4.0 %

Shares of ACET opened at $2.33 on Thursday. The company’s fifty day simple moving average is $2.57 and its 200 day simple moving average is $1.93. Adicet Bio has a 1-year low of $1.10 and a 1-year high of $7.50. The company has a market cap of $191.41 million, a price-to-earnings ratio of -0.70 and a beta of 1.87.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings data on Tuesday, March 19th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.03. As a group, research analysts forecast that Adicet Bio will post -1.72 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds have recently added to or reduced their stakes in ACET. JPMorgan Chase & Co. grew its stake 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 buying an additional 2,564 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Adicet Bio by 13.8% in the first quarter. Bank of New York Mellon Corp now owns 122,099 shares of the company’s stock valued at $2,438,000 after acquiring an additional 14,799 shares during the last quarter. MetLife Investment Management LLC raised its position in Adicet Bio by 55.8% during the first quarter. MetLife Investment Management LLC now owns 12,717 shares of the company’s stock valued at $254,000 after purchasing an additional 4,557 shares in the last quarter. Rhumbline Advisers raised its position in Adicet Bio by 40.7% during the first quarter. Rhumbline Advisers now owns 31,679 shares of the company’s stock valued at $633,000 after purchasing an additional 9,160 shares in the last quarter. Finally, BlackRock Inc. lifted its stake 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. Institutional investors own 83.89% of the company’s stock.

About Adicet Bio

Adicet Bio, Inc, a clinical stage biotechnology company, discovers and develops allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. The company offers gamma delta T cells engineered with chimeric antigen receptors (CARs) to facilitate durable activity in patients. Its lead product in pipeline includes ADI-001, which is in Phase I clinical trial for the treatment of non-Hodgkin's lymphoma.