Adicet Bio (NASDAQ:ACET) Announces Earnings Results, Misses Expectations By $0.30 EPS

Adicet Bio (NASDAQ:ACET) issued its earnings results on Wednesday. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30), FiscalAI reports.

Adicet Bio Stock Performance

NASDAQ:ACET opened at $7.93 on Friday. The company has a quick ratio of 7.65, a current ratio of 7.66 and a debt-to-equity ratio of 0.01. Adicet Bio has a twelve month low of $6.01 and a twelve month high of $17.44. The company has a fifty day moving average of $8.36 and a 200-day moving average of $7.81. The firm has a market capitalization of $74.15 million, a P/E ratio of -0.69 and a beta of 1.60.

Analyst Ratings Changes

Several equities analysts have issued reports on ACET shares. 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. Jefferies Financial Group assumed coverage on shares of Adicet Bio in a research report on Tuesday, May 5th. They set a “buy” rating and a $19.00 target price for the company. Wall Street Zen upgraded shares of Adicet Bio from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings raised shares of Adicet Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Adicet Bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Institutional Investors Weigh In On Adicet Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ADAR1 Capital Management LLC bought a new stake in Adicet Bio during the 4th quarter worth approximately $1,083,000. Burkehill Global Management LP purchased a new position in shares of Adicet Bio during the fourth quarter valued at approximately $526,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Adicet Bio during the fourth quarter valued at approximately $2,310,000. Prosight Management LP bought a new stake in Adicet Bio during the fourth quarter worth $2,107,000. Finally, Franklin Resources Inc. bought a new stake in Adicet Bio during the fourth quarter worth $5,276,000. 83.89% of the stock is owned by institutional investors.

About Adicet Bio

Adicet Bio, Inc (NASDAQ: ACET) is a clinical?stage biotechnology company specializing in the development of off?the?shelf, allogeneic gamma delta (??) T cell therapies for oncology and autoimmune disorders. The company’s proprietary platform enables the genetic engineering of ?? T cells with chimeric antigen receptors (CARs) and other molecular modifications to enhance tumor targeting, expansion, and persistence. By leveraging the innate tumor-recognition properties of ?? T cells, Adicet seeks to overcome the manufacturing and safety challenges associated with autologous cell therapies.

Adicet’s lead product candidate, ADI-001, is a CAR?engineered allogeneic ?? T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.