Adicet Bio, Inc. (NASDAQ:ACET) Sees Large Growth in Short Interest

Adicet Bio, Inc. (NASDAQ:ACET) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 3,130,000 shares, a growth of 32.1% from the May 15th total of 2,370,000 shares. Based on an average daily volume of 519,500 shares, the short-interest ratio is presently 6.0 days. Approximately 4.7% of the shares of the stock are sold short.

Institutional Trading of Adicet Bio

Large investors have recently added to or reduced their stakes in the company. Northern Trust Corp lifted its holdings in shares of Adicet Bio by 25.1% in the fourth quarter. Northern Trust Corp now owns 140,369 shares of the company’s stock valued at $135,000 after purchasing an additional 28,153 shares in the last quarter. Virtu Financial LLC purchased a new stake in Adicet Bio in the 4th quarter worth about $29,000. Acadian Asset Management LLC lifted its stake in Adicet Bio by 1.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,039,324 shares of the company’s stock worth $1,538,000 after acquiring an additional 36,277 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Adicet Bio by 1.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock worth $2,882,000 after acquiring an additional 63,691 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Adicet Bio by 87.3% in the 4th quarter. JPMorgan Chase & Co. now owns 150,485 shares of the company’s stock worth $145,000 after acquiring an additional 70,132 shares in the last quarter. 83.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Guggenheim restated a “buy” rating and issued a $7.00 target price on shares of Adicet Bio in a research report on Friday, March 21st. Wall Street Zen began coverage on Adicet Bio in a research report on Friday, May 16th. They set a “hold” rating for the company. Finally, HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.50.

Adicet Bio Stock Performance

Shares of NASDAQ:ACET opened at $0.67 on Thursday. Adicet Bio has a one year low of $0.45 and a one year high of $1.70. The stock has a fifty day moving average of $0.66 and a 200-day moving average of $0.81. The company has a market capitalization of $55.33 million, a PE ratio of -0.51 and a beta of 1.67.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.03. As a group, research analysts forecast that Adicet Bio will post -1.39 EPS for the current fiscal year.

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.