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

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reissued by equities research analysts at Wedbush in a report released on Friday, Benzinga reports. They currently have a $5.00 price objective on the stock. Wedbush’s price objective would indicate a potential upside of 226.80% from the company’s previous close.

ACET has been the subject of several other research reports. Canaccord Genuity Group lowered their price target on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. StockNews.com cut shares of Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, September 10th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a research report on Thursday.

Adicet Bio Stock Performance

Shares of NASDAQ ACET opened at $1.53 on Friday. The firm has a market cap of $125.73 million, a P/E ratio of -0.52 and a beta of 1.79. Adicet Bio has a 1 year low of $1.05 and a 1 year high of $3.77. The firm’s 50 day moving average price is $1.44 and its 200 day moving average price is $1.63.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.03. As a group, equities analysts predict that Adicet Bio will post -1.35 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

A number of large investors have recently modified their holdings of ACET. American International Group Inc. grew its holdings in shares of Adicet Bio by 74.2% during the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after purchasing an additional 11,214 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Adicet Bio during the first quarter valued at approximately $28,000. American Century Companies Inc. grew its stake in Adicet Bio by 22.9% during the second quarter. American Century Companies Inc. now owns 76,087 shares of the company’s stock worth $92,000 after buying an additional 14,196 shares during the period. Point72 DIFC Ltd increased its position in shares of Adicet Bio by 77.5% in the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after acquiring an additional 14,596 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Adicet Bio in the 1st quarter valued at $37,000. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

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.