Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Update

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 4,620,000 shares, a drop of 13.5% from the July 15th total of 5,340,000 shares. Based on an average trading volume of 1,040,000 shares, the short-interest ratio is currently 4.4 days.

Adicet Bio Stock Performance

Shares of ACET opened at $1.53 on Monday. The stock has a fifty day moving average price of $1.34 and a two-hundred day moving average price of $1.84. The company has a market cap of $126.07 million, a price-to-earnings ratio of -0.52 and a beta of 1.80. Adicet Bio has a 52-week low of $1.05 and a 52-week high of $3.77.

Adicet Bio (NASDAQ:ACET) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.03. As a group, research analysts predict that Adicet Bio will post -1.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

A number of large investors have recently modified their holdings of ACET. Panagora Asset Management Inc. acquired a new stake in shares of Adicet Bio in the fourth quarter valued at approximately $98,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Adicet Bio during the first quarter worth $28,000. Carlyle Group Inc. raised its position in shares of Adicet Bio by 39.4% during the first quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock worth $6,900,000 after acquiring an additional 833,333 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Adicet Bio by 85.5% during the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after acquiring an additional 1,441,503 shares during the period. Finally, American International Group Inc. boosted its holdings in Adicet Bio by 74.2% in the first quarter. American International Group Inc. now owns 26,319 shares of the company’s stock valued at $62,000 after acquiring an additional 11,214 shares during the last quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ACET shares. StockNews.com upgraded shares of Adicet Bio from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Adicet Bio in a research note on Wednesday, August 14th. Wedbush reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Adicet Bio in a report on Tuesday, August 13th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $19.00 target price on shares of Adicet Bio in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.25.

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.