Adicet Bio (NASDAQ:ACET) Receives “Outperform” Rating from Wedbush

Adicet Bio (NASDAQ:ACET)‘s stock had its “outperform” rating reissued by equities research analysts at Wedbush in a research report issued on Tuesday, Benzinga reports. They presently have a $5.00 target price on the stock. Wedbush’s price objective points to a potential upside of 136.97% from the stock’s current price.

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

Adicet Bio Price Performance

ACET stock traded up $0.11 during midday trading on Tuesday, hitting $2.11. The stock had a trading volume of 824,635 shares, compared to its average volume of 1,546,304. Adicet Bio has a 12-month low of $1.10 and a 12-month high of $7.50. The company’s 50-day moving average price is $2.34 and its 200 day moving average price is $2.02. The firm has a market cap of $173.38 million, a PE ratio of -0.64 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.03. As a group, sell-side analysts anticipate that Adicet Bio will post -1.72 EPS for the current year.

Insider Transactions at Adicet Bio

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

Hedge Funds Weigh In On Adicet Bio

Several institutional investors have recently made changes to their positions in ACET. Acadian Asset Management LLC grew its stake in Adicet Bio by 2,182.5% during the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock worth $715,000 after buying an additional 500,095 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Adicet Bio by 30.3% during the third 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 last quarter. Exchange Traded Concepts LLC boosted its position in shares of Adicet Bio by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock worth $155,000 after buying an additional 20,790 shares during the period. Acuitas Investments LLC bought a new position in Adicet Bio in the 3rd quarter worth approximately $187,000. Finally, Marquette Asset Management LLC acquired a new stake in Adicet Bio in the 3rd quarter valued at approximately $39,000. 83.89% of the stock is owned by 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.