Adicet Bio (NASDAQ:ACET) Upgraded at Truist Financial

Truist Financial upgraded shares of Adicet Bio (NASDAQ:ACET) to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. HC Wainwright lowered their price target on Adicet Bio from $50.00 to $27.00 and set a “buy” rating for the company in a report on Monday, March 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adicet Bio in a report on Tuesday, January 27th. Canaccord Genuity Group set a $18.00 target price on shares of Adicet Bio and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, Guggenheim lowered their target price on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating for the company in a report on Friday, March 13th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.25.

Adicet Bio Price Performance

Shares of NASDAQ ACET opened at $6.47 on Wednesday. The company has a market cap of $62.11 million, a PE ratio of -0.36 and a beta of 1.56. The company has a 50-day simple moving average of $7.37 and a 200-day simple moving average of $9.74. Adicet Bio has a 12 month low of $6.41 and a 12 month high of $17.44.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Thursday, March 12th. The company reported ($2.94) EPS for the quarter, topping the consensus estimate of ($3.23) by $0.29. On average, analysts anticipate that Adicet Bio will post -1.39 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ACET. Susquehanna International Group LLP bought a new stake in shares of Adicet Bio in the 3rd quarter worth approximately $33,000. Squarepoint Ops LLC purchased a new position in shares of Adicet Bio in the third quarter worth approximately $38,000. FNY Investment Advisers LLC acquired a new position in Adicet Bio during the fourth quarter valued at $51,000. Virtu Financial LLC purchased a new stake in shares of Adicet Bio in the third quarter worth approximately $65,000. Finally, Wealthedge Investment Advisors LLC grew its holdings in shares of Adicet Bio by 37.4% during the 2nd quarter. Wealthedge Investment Advisors LLC now owns 313,108 shares of the company’s stock valued at $191,000 after acquiring an additional 85,307 shares in the last quarter. Institutional investors own 83.89% of the company’s stock.

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 (γδ) T cell therapies for oncology and autoimmune disorders. The company’s proprietary platform enables the genetic engineering of γδ 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 γδ 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 γδ T cell therapy directed against CD20 for the treatment of relapsed or refractory B-cell malignancies.