Adicet Bio (NASDAQ:ACET) Now Covered by Guggenheim

Guggenheim assumed coverage on shares of Adicet Bio (NASDAQ:ACET) in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

A number of other research firms have also recently commented on ACET. Wedbush reiterated an outperform rating and set a $5.00 price objective on shares of Adicet Bio in a research report on Friday, September 20th. Canaccord Genuity Group reduced their price target on shares of Adicet Bio from $19.00 to $8.00 and set a buy rating for the company in a research report on Wednesday, September 11th. StockNews.com downgraded shares of Adicet Bio from a hold rating to a sell rating in a report on Tuesday, September 10th. Finally, HC Wainwright reaffirmed a neutral rating on shares of Adicet Bio in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Adicet Bio currently has an average rating of Hold and a consensus price target of $7.50.

Adicet Bio Price Performance

Adicet Bio stock opened at $1.42 on Monday. Adicet Bio has a one year low of $1.05 and a one year high of $3.77. The business’s fifty day moving average is $1.46 and its 200 day moving average is $1.57. The stock has a market capitalization of $117.01 million, a PE ratio of -0.48 and a beta of 1.79.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in Adicet Bio during the first quarter valued at approximately $28,000. Price T Rowe Associates Inc. MD bought a new position in Adicet Bio in the 1st quarter worth $37,000. American International Group Inc. increased its stake in Adicet Bio by 74.2% in the 1st quarter. American International Group Inc. now owns 26,319 shares of the company’s stock worth $62,000 after buying an additional 11,214 shares in the last quarter. Point72 DIFC Ltd raised its holdings in Adicet Bio by 77.5% during the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock valued at $40,000 after acquiring an additional 14,596 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Adicet Bio in the second quarter valued at about $43,000. 83.89% of the stock is currently owned by institutional investors.

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.