Adicet Bio, Inc. (NASDAQ:ACET – Get Free Report) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 7,690,000 shares, an increase of 32.4% from the March 15th total of 5,810,000 shares. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is currently 4.6 days.
Adicet Bio Trading Down 3.6 %
Shares of NASDAQ:ACET opened at $2.16 on Friday. Adicet Bio has a 12-month low of $1.10 and a 12-month high of $7.50. The company has a market capitalization of $177.44 million, a PE ratio of -0.65 and a beta of 1.88. The business has a 50 day moving average of $2.47 and a two-hundred day moving average of $1.98.
Adicet Bio (NASDAQ:ACET – Get Free Report) last announced its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.03. Equities research analysts predict that Adicet Bio will post -1.72 earnings per share for the current fiscal year.
Insiders Place Their Bets
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in Adicet Bio in the first quarter valued at approximately $33,000. Legal & General Group Plc raised its stake in shares of Adicet Bio by 204.5% during the 2nd quarter. Legal & General Group Plc now owns 6,358 shares of the company’s stock worth $93,000 after buying an additional 4,270 shares during the period. American Century Companies Inc. acquired a new position in shares of Adicet Bio during the 1st quarter worth approximately $60,000. UBS Asset Management Americas Inc. acquired a new position in shares of Adicet Bio during the 2nd quarter worth approximately $153,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Adicet Bio by 287.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,312 shares of the company’s stock worth $27,000 after buying an additional 8,393 shares during the period. 83.89% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $19.00 price target on shares of Adicet Bio in a report on Wednesday, March 20th. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th. StockNews.com upgraded Adicet Bio to a “sell” rating in a research report on Friday, March 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Adicet Bio in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Adicet Bio has an average rating of “Hold” and a consensus price target of $12.83.
Get Our Latest Analysis on Adicet Bio
Adicet Bio Company Profile
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 candidate is ADI-001, an allogeneic gamma delta T cell therapy expressing a CAR targeting CD20, which is in Phase I clinical trial for the treatment of autoimmune diseases and relapsed or refractory aggressive B cell non-Hodgkin's lymphoma.
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