Adicet Bio’s (ACET) “Outperform” Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a report issued on Tuesday, Benzinga reports. Wedbush currently has a $5.00 price target on the stock.

A number of other research firms also recently issued reports on ACET. HC Wainwright reiterated a buy rating and set a $10.00 price target on shares of Adicet Bio in a research report on Tuesday, April 2nd. Canaccord Genuity Group restated a buy rating and set a $19.00 price objective on shares of Adicet Bio in a research report on Wednesday, March 20th. Finally, StockNews.com upgraded Adicet Bio to a sell rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Adicet Bio currently has an average rating of Hold and a consensus price target of $12.83.

Adicet Bio Stock Performance

Shares of ACET stock opened at $1.81 on Tuesday. The stock’s 50-day moving average is $2.28 and its two-hundred day moving average is $2.02. The firm has a market cap of $148.73 million, a price-to-earnings ratio of -0.55 and a beta of 1.88. Adicet Bio has a 1 year low of $1.10 and a 1 year high of $7.50.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC raised its holdings in Adicet Bio by 2,182.5% in the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock valued at $715,000 after acquiring an additional 500,095 shares during the last quarter. Acuitas Investments LLC purchased a new stake in shares of Adicet Bio during the 3rd quarter valued at $187,000. Bank of New York Mellon Corp grew its stake in shares of Adicet Bio by 30.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after buying an additional 30,529 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Adicet Bio by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock valued at $155,000 after buying an additional 20,790 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Adicet Bio during the 4th quarter valued at $98,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

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 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.