Wedbush Reaffirms “Outperform” Rating for Adicet Bio (NASDAQ:ACET)

Wedbush restated their outperform rating on shares of Adicet Bio (NASDAQ:ACET) in a report published on Tuesday morning, RTT News reports. The firm currently has a $5.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright restated a buy rating and set a $10.00 price objective on shares of Adicet Bio in a research note on Wednesday, August 14th. Canaccord Genuity Group restated a buy rating and set a $19.00 price target on shares of Adicet Bio in a research report on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Adicet Bio from a sell rating to a hold rating in a report on Friday, August 30th.

Adicet Bio Stock Up 7.0 %

Adicet Bio stock opened at $1.53 on Tuesday. Adicet Bio has a 52-week low of $1.05 and a 52-week high of $3.77. The firm has a market capitalization of $125.73 million, a price-to-earnings ratio of -0.52 and a beta of 1.79. The firm has a 50-day moving average price of $1.40 and a two-hundred day moving average price of $1.66.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Tuesday, August 13th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.03. Research analysts expect that Adicet Bio will post -1.35 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

Several large investors have recently made changes to their positions in ACET. Stonepine Capital Management LLC increased its holdings in shares of Adicet Bio by 330.6% in the second quarter. Stonepine Capital Management LLC now owns 609,446 shares of the company’s stock valued at $737,000 after buying an additional 467,898 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Adicet Bio by 478.3% in the 2nd quarter. AQR Capital Management LLC now owns 136,765 shares of the company’s stock worth $165,000 after acquiring an additional 113,115 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Adicet Bio during the second quarter worth $62,000. Squarepoint Ops LLC lifted its holdings in shares of Adicet Bio by 2,728.8% during the second quarter. Squarepoint Ops LLC now owns 362,230 shares of the company’s stock valued at $438,000 after purchasing an additional 349,425 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Adicet Bio by 790.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 409,049 shares of the company’s stock worth $495,000 after purchasing an additional 363,095 shares in the last quarter. 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.