Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Down 10.3% in August

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 4,100,000 shares, a decrease of 10.3% from the August 15th total of 4,570,000 shares. Based on an average daily trading volume, of 921,000 shares, the days-to-cover ratio is presently 4.5 days.

Institutional Trading of Adicet Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACET. Panagora Asset Management Inc. bought a new stake in Adicet Bio during the fourth quarter worth $98,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Adicet Bio in the first quarter valued at about $28,000. Carlyle Group Inc. raised its position in shares of Adicet Bio by 39.4% in the first quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company’s stock valued at $6,900,000 after purchasing an additional 833,333 shares during the period. Vanguard Group Inc. raised its position in shares of Adicet Bio by 85.5% in the first quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after purchasing an additional 1,441,503 shares during the period. Finally, American International Group Inc. raised its position in shares of 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 during the period. 83.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ACET shares. HC Wainwright cut shares of Adicet Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, September 11th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a report on Tuesday, September 10th. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, September 10th. Finally, Canaccord Genuity Group cut their price objective on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th.

Adicet Bio Stock Performance

NASDAQ ACET opened at $1.50 on Wednesday. The firm’s fifty day moving average price is $1.43 and its two-hundred day moving average price is $1.64. Adicet Bio has a 1 year low of $1.05 and a 1 year high of $3.77. The firm has a market capitalization of $123.26 million, a P/E ratio of -0.51 and a beta of 1.79.

Adicet Bio (NASDAQ:ACET) last posted 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 anticipate that Adicet Bio will post -1.35 EPS for the current fiscal year.

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.