Brokerages Set Adicet Bio, Inc. (NASDAQ:ACET) Price Target at $12.83

Shares of Adicet Bio, Inc. (NASDAQ:ACET) have received an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $12.83.

Several research firms have commented on ACET. StockNews.com raised shares of Adicet Bio to a “sell” rating in a report on Friday, March 22nd. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Adicet Bio in a research note on Tuesday. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Adicet Bio in a research note on Tuesday, April 2nd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $19.00 target price on shares of Adicet Bio in a research note on Wednesday, March 20th.

Adicet Bio Stock Performance

NASDAQ:ACET opened at $1.88 on Monday. Adicet Bio has a one year low of $1.10 and a one year high of $7.50. The firm has a market cap of $154.07 million, a price-to-earnings ratio of -0.56 and a beta of 1.88. The firm’s fifty day moving average is $2.31 and its two-hundred day moving average is $2.02.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Tuesday, March 19th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.03. As a group, equities research analysts predict that Adicet Bio will post -1.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its stake in Adicet Bio by 2,182.5% in the 3rd quarter. Acadian Asset Management LLC now owns 523,009 shares of the company’s stock valued at $715,000 after buying an additional 500,095 shares in the last quarter. Acuitas Investments LLC purchased a new position in Adicet Bio in the 3rd quarter valued at about $187,000. Bank of New York Mellon Corp lifted its stake in Adicet Bio by 30.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 131,393 shares of the company’s stock valued at $180,000 after buying an additional 30,529 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Adicet Bio by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 81,986 shares of the company’s stock valued at $155,000 after buying an additional 20,790 shares in the last quarter. Finally, Panagora Asset Management Inc. purchased a new position in Adicet Bio in the 4th quarter valued at about $98,000. 83.89% of the stock is owned by hedge funds and other 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.