Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Update

Adicet Bio, Inc. (NASDAQ:ACET) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 7,690,000 shares, an increase of 32.4% from the March 15th total of 5,810,000 shares. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is currently 4.6 days.

Adicet Bio Trading Down 3.6 %

Shares of NASDAQ:ACET opened at $2.16 on Friday. Adicet Bio has a 12-month low of $1.10 and a 12-month high of $7.50. The company has a market capitalization of $177.44 million, a PE ratio of -0.65 and a beta of 1.88. The business has a 50 day moving average of $2.47 and a two-hundred day moving average of $1.98.

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

Insiders Place Their Bets

In other Adicet Bio news, Director Orbimed Advisors Llc purchased 3,125,000 shares of the stock in a transaction on Thursday, January 25th. The stock was acquired at an average price of $2.40 per share, with a total value of $7,500,000.00. Following the completion of the acquisition, the director now owns 7,526,359 shares in the company, valued at $18,063,261.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 29.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in Adicet Bio in the first quarter valued at approximately $33,000. Legal & General Group Plc raised its stake in shares of Adicet Bio by 204.5% during the 2nd quarter. Legal & General Group Plc now owns 6,358 shares of the company’s stock worth $93,000 after buying an additional 4,270 shares during the period. American Century Companies Inc. acquired a new position in shares of Adicet Bio during the 1st quarter worth approximately $60,000. UBS Asset Management Americas Inc. acquired a new position in shares of Adicet Bio during the 2nd quarter worth approximately $153,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Adicet Bio by 287.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,312 shares of the company’s stock worth $27,000 after buying an additional 8,393 shares during the period. 83.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $19.00 price target on shares of Adicet Bio in a report on Wednesday, March 20th. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Adicet Bio in a research report on Wednesday, March 20th. StockNews.com upgraded Adicet Bio to a “sell” rating in a research report on Friday, March 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Adicet Bio in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Adicet Bio has an average rating of “Hold” and a consensus price target of $12.83.

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.