Adicet Bio (NASDAQ:ACET) Announces Earnings Results

Adicet Bio (NASDAQ:ACET) posted its quarterly earnings data on Wednesday. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.03), Zacks reports.

Adicet Bio Trading Down 1.9%

Shares of NASDAQ ACET traded down $0.01 during midday trading on Thursday, hitting $0.68. The company’s stock had a trading volume of 589,532 shares, compared to its average volume of 895,823. The business’s 50 day moving average is $0.84 and its two-hundred day moving average is $0.74. Adicet Bio has a 12-month low of $0.45 and a 12-month high of $1.40. The firm has a market cap of $56.36 million, a P/E ratio of -0.52 and a beta of 1.61.

Analyst Ratings Changes

ACET has been the topic of several recent research reports. Guggenheim raised their price target on Adicet Bio from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Jefferies Financial Group upgraded Adicet Bio to a “strong-buy” rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adicet Bio in a report on Thursday, October 30th. Finally, HC Wainwright upgraded Adicet Bio to a “strong-buy” rating and set a $4.00 price objective for the company in a report on Wednesday, July 23rd. Two equities 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.67.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Adicet Bio stock. Goldman Sachs Group Inc. boosted its position in shares of Adicet Bio, Inc. (NASDAQ:ACET) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,816,556 shares of the company’s stock after purchasing an additional 63,691 shares during the quarter. Goldman Sachs Group Inc. owned about 4.61% of Adicet Bio worth $2,882,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 83.89% of the company’s stock.

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.