Adicet Bio’s (ACET) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Adicet Bio (NASDAQ:ACET) in a report issued on Wednesday morning, Benzinga reports. HC Wainwright currently has a $10.00 price objective on the stock. HC Wainwright also issued estimates for Adicet Bio’s FY2024 earnings at ($1.38) EPS, FY2025 earnings at ($1.50) EPS and FY2026 earnings at ($1.56) EPS.

Several other equities analysts have also commented on ACET. StockNews.com raised Adicet Bio to a sell rating in a report on Monday, May 20th. Wedbush reissued an outperform rating and set a $5.00 price objective on shares of Adicet Bio in a report on Tuesday. Finally, Canaccord Genuity Group restated a buy rating and issued a $19.00 target price on shares of Adicet Bio in a report on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $15.25.

Adicet Bio Trading Up 7.0 %

ACET opened at $1.53 on Wednesday. The stock’s 50-day moving average price is $1.34 and its 200 day moving average price is $1.86. Adicet Bio has a 12-month low of $1.05 and a 12-month high of $3.77. The firm has a market cap of $126.07 million, a price-to-earnings ratio of -0.52 and a beta of 1.80.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings results 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. On average, research analysts forecast that Adicet Bio will post -1.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Adicet Bio in the first quarter valued at about $28,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Adicet Bio in the 1st quarter worth $37,000. Point72 DIFC Ltd boosted its holdings 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 valued at $40,000 after acquiring an additional 14,596 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Adicet Bio during the second quarter worth about $43,000. Finally, American International Group Inc. raised its holdings in Adicet Bio by 74.2% during 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 in the last quarter. Hedge funds and other institutional investors 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.