Adicet Bio (NASDAQ:ACET) Lowered to Sell Rating by StockNews.com

Adicet Bio (NASDAQ:ACET) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Thursday.

Several other analysts have also recently issued reports on ACET. Guggenheim initiated coverage on shares of Adicet Bio in a research note on Monday, September 30th. They set a “buy” rating and a $7.00 price objective for the company. Canaccord Genuity Group lowered their price objective on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a research report on Wednesday, October 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Adicet Bio in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.50.

Adicet Bio Price Performance

ACET traded up $0.03 during trading on Thursday, hitting $1.33. The company’s stock had a trading volume of 501,484 shares, compared to its average volume of 1,116,528. Adicet Bio has a twelve month low of $1.05 and a twelve month high of $3.77. The firm’s 50 day moving average price is $1.43 and its 200-day moving average price is $1.43. The stock has a market cap of $109.59 million, a PE ratio of -0.53 and a beta of 1.81.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). Equities analysts anticipate that Adicet Bio will post -1.41 earnings per share for the current year.

Institutional Investors Weigh In On Adicet Bio

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Adicet Bio in the 1st quarter valued at about $28,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Adicet Bio during the first quarter worth approximately $37,000. American International Group Inc. lifted its position in Adicet Bio by 74.2% in the first 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. Point72 DIFC Ltd lifted its position in 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 purchasing an additional 14,596 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Adicet Bio in the second quarter worth approximately $43,000. Institutional investors and hedge funds own 83.89% of the company’s stock.

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.