StockNews.com Downgrades Adicet Bio (NASDAQ:ACET) to Sell

StockNews.com cut shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a report released on Tuesday morning.

ACET has been the topic of a number of other reports. Canaccord Genuity Group reiterated a buy rating and issued a $19.00 price objective on shares of Adicet Bio in a research report on Wednesday, August 14th. HC Wainwright reiterated a buy rating and issued a $10.00 price objective on shares of Adicet Bio in a research report on Wednesday, August 14th. Finally, Wedbush restated an outperform rating and issued a $5.00 target price on shares of Adicet Bio in a research note on Tuesday.

Adicet Bio Stock Down 2.6 %

Shares of ACET stock opened at $1.49 on Tuesday. The business has a 50-day moving average price of $1.41 and a two-hundred day moving average price of $1.66. 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 $122.78 million, a P/E ratio of -0.51 and a beta of 1.79.

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

Institutional Trading of Adicet Bio

Several institutional investors have recently made changes to their positions in ACET. RA Capital Management L.P. bought a new position in Adicet Bio during the first quarter valued at approximately $17,721,000. Vanguard Group Inc. boosted its stake in 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 buying an additional 1,441,503 shares during the last quarter. Carlyle Group Inc. boosted its stake in Adicet Bio by 39.4% during the first quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock valued at $6,900,000 after buying an additional 833,333 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Adicet Bio by 44.2% during the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock valued at $1,830,000 after buying an additional 463,600 shares during the last quarter. Finally, Blackstone Inc. bought a new position in Adicet Bio during the first quarter valued at approximately $2,906,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

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.