Adicet Bio (NASDAQ:ACET) Shares Cross Below 200-Day Moving Average – Here’s What Happened

Adicet Bio, Inc. (NASDAQ:ACET) crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.30 and traded as low as $0.91. Adicet Bio shares last traded at $0.93, with a volume of 316,004 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on ACET shares. Canaccord Genuity Group decreased their target price on Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. StockNews.com downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a research note on Thursday, December 19th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Adicet Bio in a research note on Thursday, November 7th. Finally, Guggenheim started coverage on shares of Adicet Bio in a report on Monday, September 30th. They set a “buy” rating and a $7.00 price objective for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.50.

Adicet Bio Stock Down 3.6 %

The stock’s 50 day moving average is $1.11 and its 200-day moving average is $1.30. The company has a market cap of $76.27 million, a PE ratio of -0.54 and a beta of 1.88.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Wednesday, November 6th. The company reported ($0.34) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.34). On average, analysts anticipate that Adicet Bio, Inc. will post -1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd boosted its stake in Adicet Bio by 77.5% during the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after buying an additional 14,596 shares during the period. Marshall Wace LLP purchased a new stake in Adicet Bio in the 2nd quarter worth about $43,000. GSA Capital Partners LLP lifted its stake in Adicet Bio by 161.3% in the third quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock worth $56,000 after purchasing an additional 24,203 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Adicet Bio during the second quarter valued at approximately $62,000. Finally, Castleview Partners LLC bought a new position in shares of Adicet Bio during the third quarter valued at approximately $75,000. 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.