Adicet Bio (NASDAQ:ACET) Announces Quarterly Earnings Results, Misses Estimates By $0.30 EPS

Adicet Bio (NASDAQ:ACET) issued its earnings results on Wednesday. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30), FiscalAI reports.

Adicet Bio Stock Down 1.1%

ACET stock opened at $9.11 on Thursday. The stock has a market capitalization of $85.18 million, a price-to-earnings ratio of -0.61 and a beta of 1.60. The company has a 50-day moving average of $8.37 and a two-hundred day moving average of $7.82. Adicet Bio has a 52-week low of $6.01 and a 52-week high of $17.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.66 and a quick ratio of 7.65.

Institutional Investors Weigh In On Adicet Bio

Several hedge funds have recently modified their holdings of the business. ADAR1 Capital Management LLC bought a new position in Adicet Bio in the fourth quarter worth $1,083,000. Burkehill Global Management LP acquired a new position in Adicet Bio during the fourth quarter worth $526,000. Adage Capital Partners GP L.L.C. acquired a new position in Adicet Bio during the fourth quarter worth $2,310,000. Prosight Management LP bought a new position in shares of Adicet Bio during the fourth quarter valued at $2,107,000. Finally, Franklin Resources Inc. bought a new position in Adicet Bio during the 4th quarter valued at about $5,276,000. 83.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on ACET shares. Guggenheim restated a “buy” rating on shares of Adicet Bio in a research report on Thursday. Jefferies Financial Group started coverage on shares of Adicet Bio in a report on Tuesday, May 5th. They issued a “buy” rating and a $19.00 target price on the stock. Wall Street Zen upgraded shares of Adicet Bio from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Weiss Ratings upgraded shares of Adicet Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Adicet Bio has a consensus rating of “Moderate Buy” and a consensus price target of $48.80.

Adicet Bio Company Profile

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.