Adicet Bio (NASDAQ:ACET) Issues Earnings Results

Adicet Bio (NASDAQ:ACET) issued its earnings results on Thursday. The company reported ($2.94) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.23) by $0.29, FiscalAI reports.

Adicet Bio Stock Down 5.8%

NASDAQ:ACET traded down $0.43 during midday trading on Thursday, reaching $7.04. The company had a trading volume of 86,389 shares, compared to its average volume of 174,242. Adicet Bio has a 12-month low of $6.41 and a 12-month high of $17.44. The firm has a market capitalization of $67.44 million, a price-to-earnings ratio of -0.35 and a beta of 1.56. The company has a current ratio of 5.62, a quick ratio of 5.62 and a debt-to-equity ratio of 0.01. The stock’s fifty day simple moving average is $7.69 and its 200-day simple moving average is $10.13.

Analyst Ratings Changes

Several research analysts have recently weighed in on ACET shares. HC Wainwright reissued a “buy” rating and set a $50.00 price target (up from $9.00) on shares of Adicet Bio in a research report on Wednesday, January 21st. Citigroup reaffirmed a “market perform” rating on shares of Adicet Bio in a research note on Wednesday, November 19th. 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adicet Bio in a report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.00.

Institutional Investors Weigh In On Adicet Bio

Hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its stake in Adicet Bio by 20.0% in the 4th quarter. Squarepoint Ops LLC now owns 55,723 shares of the company’s stock valued at $469,000 after buying an additional 9,296 shares during the period. Susquehanna International Group LLP acquired a new position in Adicet Bio during the third quarter worth $33,000. Luminus Management LLC acquired a new position in shares of Adicet Bio during the 4th quarter worth $501,000. Burkehill Global Management LP purchased a new stake in shares of Adicet Bio in the fourth quarter valued at about $526,000. Finally, Goldman Sachs Group Inc. lifted its stake in Adicet Bio by 1.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock valued at $2,882,000 after buying an additional 63,691 shares in the last quarter. Institutional investors and hedge funds own 83.89% of the company’s stock.

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.