Insider Buying: Adicet Bio (NASDAQ:ACET) Major Shareholder Acquires $535,472.28 in Stock

Adicet Bio, Inc. (NASDAQ:ACET) major shareholder Ra Capital Management, L.P. acquired 74,268 shares of the stock in a transaction dated Thursday, February 19th. The shares were bought at an average cost of $7.21 per share, with a total value of $535,472.28. Following the transaction, the insider directly owned 1,107,873 shares of the company’s stock, valued at $7,987,764.33. This represents a 7.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Ra Capital Management, L.P. also recently made the following trade(s):

• On Friday, February 20th, Ra Capital Management, L.P. acquired 74,751 shares of Adicet Bio stock. The shares were bought at an average price of $7.27 per share, for a total transaction of $543,439.77.
• On Wednesday, February 18th, Ra Capital Management, L.P. acquired 74,577 shares of Adicet Bio stock. The stock was bought at an average cost of $7.04 per share, for a total transaction of $525,022.08.

Adicet Bio Trading Up 13.1%

Shares of NASDAQ ACET opened at $7.92 on Thursday. The firm has a market cap of $76.03 million, a PE ratio of -0.44 and a beta of 1.57. Adicet Bio, Inc. has a 1-year low of $6.01 and a 1-year high of $17.44. The company has a fifty day moving average price of $7.02 and a 200 day moving average price of $9.14.

Adicet Bio (NASDAQ:ACET) last announced its earnings results on Thursday, March 12th. The company reported ($2.94) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.23) by $0.29. Equities research analysts forecast that Adicet Bio, Inc. will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Adicet Bio

Large investors have recently modified their holdings of the business. Prosight Management LP acquired a new position in shares of Adicet Bio during the 4th quarter worth about $2,107,000. ADAR1 Capital Management LLC acquired a new position in shares of Adicet Bio during the 4th quarter worth about $1,083,000. Two Sigma Investments LP boosted its stake in shares of Adicet Bio by 66.6% during the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock worth $692,000 after buying an additional 341,761 shares during the last quarter. Burkehill Global Management LP acquired a new position in shares of Adicet Bio during the 4th quarter worth about $526,000. Finally, Luminus Management LLC acquired a new position in shares of Adicet Bio during the 4th quarter worth about $501,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ACET shares. Guggenheim reduced their target price on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adicet Bio in a research note on Tuesday, January 27th. Truist Financial raised shares of Adicet Bio to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright reduced their target price on shares of Adicet Bio from $50.00 to $27.00 and set a “buy” rating for the company in a research note on Monday, March 23rd. Finally, Canaccord Genuity Group set a $18.00 target price on shares of Adicet Bio and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $56.25.

About Adicet Bio

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.