Adicet Bio (NASDAQ:ACET) Receives Sell (D-) Rating from Weiss Ratings

Weiss Ratings reissued their sell (d-) rating on shares of Adicet Bio (NASDAQ:ACET) in a research note issued to investors on Thursday,Weiss Ratings reports.

Several other brokerages also recently weighed in on ACET. HC Wainwright upgraded Adicet Bio to a “strong-buy” rating and set a $4.00 price objective for the company in a research report on Wednesday, July 23rd. Guggenheim raised their price target on shares of Adicet Bio from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Jefferies Financial Group raised shares of Adicet Bio to a “strong-buy” rating in a report on Tuesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $5.67.

Adicet Bio Stock Performance

ACET stock opened at $0.78 on Thursday. Adicet Bio has a 52 week low of $0.45 and a 52 week high of $1.42. The firm’s fifty day moving average is $0.84 and its 200 day moving average is $0.73. The firm has a market cap of $64.89 million, a P/E ratio of -0.59 and a beta of 1.62.

Adicet Bio (NASDAQ:ACET) last released its earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02). As a group, analysts forecast that Adicet Bio will post -1.39 EPS for the current year.

Institutional Investors Weigh In On Adicet Bio

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in shares of 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 purchasing an additional 63,691 shares during the period. Acadian Asset Management LLC lifted its position in shares of 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 purchasing an additional 36,277 shares during the period. Wealthedge Investment Advisors LLC lifted its position in shares of Adicet Bio by 37.4% in the 2nd quarter. Wealthedge Investment Advisors LLC now owns 313,108 shares of the company’s stock worth $191,000 after purchasing an additional 85,307 shares during the period. Finally, Vontobel Holding Ltd. lifted its position in shares of Adicet Bio by 33.3% in the 2nd quarter. Vontobel Holding Ltd. now owns 80,000 shares of the company’s stock worth $49,000 after purchasing an additional 20,000 shares during the period. 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.