Adicet Bio, Inc. (NASDAQ:ACET) Sees Large Drop in Short Interest

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant decrease in short interest during the month of August. As of August 14th, there was short interest totaling 262,357 shares, a decrease of 33.9% from the July 30th total of 397,053 shares. Approximately 2.9% of the shares of the stock are sold short. Based on an average daily volume of 82,757 shares, the short-interest ratio is currently 3.2 days.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ACET. Jefferies Financial Group initiated coverage on Adicet Bio in a report on Tuesday, May 5th. They issued a “buy” rating and a $19.00 price target for the company. Guggenheim reissued a “buy” rating and set a $90.00 price objective (down from $100.00) on shares of Adicet Bio in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research report on Friday, August 21st. Finally, Wall Street Zen downgraded shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Adicet Bio Trading Up 7.9%

Shares of ACET stock traded up $0.69 on Tuesday, reaching $9.39. 121,690 shares of the stock were exchanged, compared to its average volume of 126,246. The stock has a market cap of $87.90 million, a PE ratio of -0.82 and a beta of 1.60. Adicet Bio has a one year low of $6.01 and a one year high of $17.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.71 and a quick ratio of 6.71. The stock has a 50 day moving average price of $8.63 and a 200 day moving average price of $7.92.

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

Institutional Investors Weigh In On Adicet Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its stake in Adicet Bio by 1.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock valued at $2,882,000 after acquiring an additional 63,691 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Adicet Bio during the 3rd quarter valued at $38,000. Two Sigma Investments LP lifted its stake in shares of Adicet Bio by 66.6% in the 3rd quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock valued at $692,000 after purchasing an additional 341,761 shares during the period. Virtu Financial LLC acquired a new position in shares of Adicet Bio in the 3rd quarter valued at $65,000. Finally, Citadel Advisors LLC lifted its stake in shares of Adicet Bio by 19.8% in the 3rd 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 during the period. 83.89% of the stock is owned by institutional investors.

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.