Adicet Bio (NASDAQ:ACET) Posts Earnings Results, Beats Estimates By $1.20 EPS

Adicet Bio (NASDAQ:ACET) issued its quarterly earnings results on Wednesday. The company reported ($1.88) EPS for the quarter, topping analysts’ consensus estimates of ($3.08) by $1.20, Zacks reports.

Adicet Bio Price Performance

Shares of NASDAQ:ACET traded up $0.12 during trading on Wednesday, hitting $8.07. The company had a trading volume of 44,386 shares, compared to its average volume of 150,584. The stock has a market cap of $77.47 million, a price-to-earnings ratio of -0.45 and a beta of 1.50. Adicet Bio has a one year low of $6.01 and a one year high of $17.44. The company has a fifty day simple moving average of $7.37 and a two-hundred day simple moving average of $8.31.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. HC Wainwright cut their price objective 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. Jefferies Financial Group assumed coverage on 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 raised Adicet Bio to a “strong-buy” rating in a research note on Wednesday, March 25th. Weiss Ratings cut shares of Adicet Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday. Finally, Guggenheim lowered their price objective 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. One investment 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.80.

Insider Buying and Selling at Adicet Bio

In related news, major shareholder Ra Capital Management, L.P. purchased 74,751 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were bought at an average price of $7.27 per share, for a total transaction of $543,439.77. Following the acquisition, the insider owned 1,182,624 shares of the company’s stock, valued at approximately $8,597,676.48. This represents a 6.75% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders purchased 223,596 shares of company stock worth $1,603,934. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Adicet Bio

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its stake in shares of 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 purchasing an additional 63,691 shares during the last quarter. Two Sigma Investments LP lifted its position 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 purchasing an additional 341,761 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Adicet Bio during the 4th quarter worth about $5,276,000. Citadel Advisors LLC boosted its holdings in Adicet Bio by 19.8% in the third quarter. Citadel Advisors LLC now owns 583,948 shares of the company’s stock valued at $473,000 after purchasing an additional 96,342 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Adicet Bio in the 4th quarter valued at $2,310,000. Institutional investors own 83.89% of the company’s stock.

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.