Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Increases By 54.6%

Adicet Bio, Inc. (NASDAQ:ACET) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 7,390,000 shares, a growth of 54.6% from the September 30th total of 4,780,000 shares. Based on an average daily volume of 1,260,000 shares, the short-interest ratio is presently 5.9 days. Currently, 9.6% of the company’s shares are sold short. Currently, 9.6% of the company’s shares are sold short. Based on an average daily volume of 1,260,000 shares, the short-interest ratio is presently 5.9 days.

Adicet Bio Price Performance

ACET traded down $0.01 during trading on Monday, hitting $0.74. The company had a trading volume of 1,869,876 shares, compared to its average volume of 884,048. The company has a market cap of $61.86 million, a PE ratio of -0.57 and a beta of 1.62. Adicet Bio has a 1-year low of $0.45 and a 1-year high of $1.40. The business has a 50-day moving average of $0.84 and a 200-day moving average of $0.74.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Research analysts forecast that Adicet Bio will post -1.39 earnings per share for the current year.

Institutional Investors Weigh In On Adicet Bio

Several large investors have recently added to or reduced their stakes in the stock. Wealthedge Investment Advisors LLC grew its position in Adicet Bio by 208.8% in the 1st quarter. Wealthedge Investment Advisors LLC now owns 227,801 shares of the company’s stock worth $172,000 after purchasing an additional 154,037 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Adicet Bio by 1.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock worth $2,882,000 after purchasing an additional 63,691 shares during the period. Acadian Asset Management LLC boosted its stake in Adicet Bio by 1.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,039,324 shares of the company’s stock valued at $1,538,000 after purchasing an additional 36,277 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of Adicet Bio by 33.3% during the 2nd quarter. Vontobel Holding Ltd. now owns 80,000 shares of the company’s stock valued at $49,000 after purchasing an additional 20,000 shares during the period. 83.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on ACET. Weiss Ratings reissued a “sell (d-)” rating on shares of Adicet Bio in a research note on Thursday. HC Wainwright upgraded Adicet Bio to a “strong-buy” rating and set a $4.00 price objective on the stock in a report on Wednesday, July 23rd. Guggenheim upped their target price on Adicet Bio from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group raised shares of Adicet Bio to a “strong-buy” rating in a research note on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Adicet Bio presently has a consensus rating of “Moderate Buy” and an average target price of $5.67.

Adicet Bio Company Profile

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.