Adicet Bio (NASDAQ:ACET) Price Target Cut to $8.00 by Analysts at Canaccord Genuity Group

Adicet Bio (NASDAQ:ACET) had its target price reduced by Canaccord Genuity Group from $19.00 to $8.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also commented on the stock. HC Wainwright lowered shares of Adicet Bio from a buy rating to a neutral rating in a research note on Wednesday. StockNews.com downgraded shares of Adicet Bio from a hold rating to a sell rating in a report on Tuesday, September 10th. Finally, Wedbush reiterated an outperform rating and issued a $5.00 target price on shares of Adicet Bio in a report on Tuesday, September 10th.

Adicet Bio Stock Down 2.6 %

Shares of NASDAQ ACET opened at $1.49 on Wednesday. The firm has a fifty day moving average of $1.41 and a 200-day moving average of $1.65. Adicet Bio has a 52-week low of $1.05 and a 52-week high of $3.77. The stock has a market capitalization of $122.78 million, a PE ratio of -0.51 and a beta of 1.79.

Adicet Bio (NASDAQ:ACET) last issued its 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. Equities research analysts expect that Adicet Bio will post -1.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Adicet Bio

A number of institutional investors and hedge funds have recently modified their holdings of ACET. Mirae Asset Global Investments Co. Ltd. bought a new stake in Adicet Bio in the first quarter valued at approximately $28,000. Price T Rowe Associates Inc. MD bought a new stake in Adicet Bio in the first quarter valued at approximately $37,000. Point72 DIFC Ltd increased its stake in 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 purchasing an additional 14,596 shares in the last quarter. Marshall Wace LLP bought a new stake in Adicet Bio in the second quarter valued at approximately $43,000. Finally, American International Group Inc. increased its stake 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 purchasing an additional 11,214 shares in the last quarter. 83.89% of the stock is owned by institutional investors.

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.