Adicet Bio, Inc. (NASDAQ:ACET) Stock Short Interest Rises 78.5%

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 485,466 shares, a growth of 78.5% from the September 15th total of 271,989 shares. Currently, 5.4% of the shares of the company are short sold. Based on an average trading volume of 439,513 shares, the days-to-cover ratio is presently 1.1 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Adicet Bio from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. Benchmark restated a “buy” rating on shares of Adicet Bio in a research report on Tuesday, September 29th. Guggenheim restated a “buy” rating and issued a $90.00 price target (down from $100.00) on shares of Adicet Bio in a research report on Thursday, August 6th. Jefferies Financial Group raised Adicet Bio to a “strong-buy” rating in a research note on Tuesday, September 1st. Finally, Wedbush reaffirmed an “outperform” rating and set a $28.00 price objective (up from $25.00) on shares of Adicet Bio in a research report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.80.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACET. Squarepoint Ops LLC purchased a new stake in Adicet Bio in the 2nd quarter worth $132,000. AXQ Capital LP bought a new stake in Adicet Bio during the second quarter valued at about $95,000. Regeneron Pharmaceuticals Inc. bought a new stake in Adicet Bio during the second quarter valued at about $522,819. Johnson & Johnson bought a new stake in Adicet Bio during the second quarter valued at about $196,811. Finally, NewEdge Advisors LLC bought a new stake in Adicet Bio during the first quarter valued at about $26,000. Institutional investors own 83.89% of the company’s stock.

Adicet Bio Price Performance

Shares of ACET traded up $0.24 during mid-day trading on Thursday, reaching $5.13. The stock had a trading volume of 61,930 shares, compared to its average volume of 149,468. The firm has a market cap of $48.02 million, a price-to-earnings ratio of -0.45 and a beta of 1.62. Adicet Bio has a 12 month low of $4.80 and a 12 month high of $17.04. The business has a fifty day moving average of $8.21 and a 200 day moving average of $8.10. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.71 and a current ratio of 6.71.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30). Equities analysts predict that Adicet Bio will post -6.76 EPS for the current year.

Adicet Bio Company Profile

Adicet Bio, Inc is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” T-cell therapies for cancer and autoimmune diseases. The company’s platform uses gamma delta T cells, a distinct type of immune cell that it engineers with chimeric antigen receptors (CARs) to recognize and attack diseased cells.

Adicet’s development programs have included ADI-001, an allogeneic gamma delta CAR T-cell therapy designed to target CD19 on B-cell malignancies, including certain forms of lymphoma.