Adicet Bio (NASDAQ:ACET) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Adicet Bio, Inc. (NASDAQ:ACET) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $7.78 and traded as high as $8.31. Adicet Bio shares last traded at $8.12, with a volume of 43,195 shares trading hands.

Wall Street Analyst Weigh In

ACET has been the topic of several recent research reports. Weiss Ratings raised Adicet Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Jefferies Financial Group initiated coverage on shares of Adicet Bio in a research report on Tuesday, May 5th. They issued a “buy” rating and a $19.00 price objective for the company. Truist Financial upgraded shares of Adicet Bio to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Wall Street Zen raised shares of Adicet Bio from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.80.

Adicet Bio Stock Performance

The firm has a market cap of $78.71 million, a price-to-earnings ratio of -0.57 and a beta of 1.58. The company has a quick ratio of 7.65, a current ratio of 7.66 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $8.24 and a 200 day moving average of $7.78.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($1.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.93) by $1.05. As a group, equities research analysts expect that Adicet Bio, Inc. will post -8.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACET. NewEdge Advisors LLC acquired a new stake in shares of Adicet Bio in the 1st quarter valued at about $26,000. Rangeley Capital LLC increased its holdings in Adicet Bio by 124.0% in the first quarter. Rangeley Capital LLC now owns 56,000 shares of the company’s stock valued at $381,000 after buying an additional 30,999 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in Adicet Bio in the first quarter valued at about $73,000. Luminus Management LLC acquired a new stake in Adicet Bio during the fourth quarter valued at approximately $501,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Adicet Bio during the fourth quarter valued at approximately $1,083,000. 83.89% of the stock is owned by institutional investors and hedge funds.

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.