Adicet Bio, Inc. (NASDAQ:ACET) Stock Short Interest Rises 78.5%

Adicet Bio, Inc. (NASDAQ:ACET) saw a large growth in short interest in September. As of September 30th, there was short interest totaling 485,466 shares, a growth of 78.5% from the September 15th total of 271,989 shares. Based on an average daily trading volume, of 439,513 shares, the days-to-cover ratio is currently 1.1 days. Approximately 5.4% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

ACET has been the topic of several research analyst reports. Guggenheim restated a “buy” rating and set a $90.00 target price (down from $100.00) on shares of Adicet Bio in a research note on Thursday, August 6th. Benchmark reaffirmed a “buy” rating on shares of Adicet Bio in a report on Tuesday, September 29th. Wedbush reiterated an “outperform” rating and issued a $28.00 price target (up from $25.00) on shares of Adicet Bio in a research note on Monday, September 28th. HC Wainwright boosted their price objective on shares of Adicet Bio from $27.00 to $34.00 and gave the company a “buy” rating in a report on Monday, September 28th. Finally, Wall Street Zen raised shares of Adicet Bio from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.80.

Institutional Investors Weigh In On Adicet Bio

A number of large investors have recently made changes to their positions in ACET. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adicet Bio in the 2nd quarter worth approximately $522,819. Rangeley Capital LLC boosted its holdings in shares of Adicet Bio by 124.0% in the first quarter. Rangeley Capital LLC now owns 56,000 shares of the company’s stock worth $381,000 after buying an additional 30,999 shares during the last quarter. Johnson & Johnson bought a new stake in Adicet Bio during the second quarter valued at approximately $196,811. Squarepoint Ops LLC bought a new stake in Adicet Bio during the second quarter valued at approximately $132,000. Finally, AXQ Capital LP bought a new stake in Adicet Bio during the second quarter valued at approximately $95,000. 83.89% of the stock is currently owned by institutional investors.

Adicet Bio Stock Performance

Shares of NASDAQ ACET traded up $0.24 during midday trading on Thursday, hitting $5.13. 61,930 shares of the stock traded hands, compared to its average volume of 149,468. The firm has a market capitalization of $48.02 million, a P/E ratio of -0.45 and a beta of 1.62. Adicet Bio has a one year low of $4.80 and a one year high of $17.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.71 and a current ratio of 6.71. The firm has a 50-day moving average of $8.21 and a two-hundred day moving average of $8.10.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.99) EPS for the quarter, missing the consensus estimate of ($1.69) by ($0.30). On average, equities analysts forecast that Adicet Bio will post -6.76 EPS for the current fiscal year.

Adicet Bio Company Profile

Adicet Bio, Inc is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” T-cell therapies for cancer and autoimmune diseases. The company’s platform uses gamma delta T cells, a distinct type of immune cell that it engineers with chimeric antigen receptors (CARs) to recognize and attack diseased cells.

Adicet’s development programs have included ADI-001, an allogeneic gamma delta CAR T-cell therapy designed to target CD19 on B-cell malignancies, including certain forms of lymphoma.