Adicet Bio (NASDAQ:ACET) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Adicet Bio, Inc. (NASDAQ:ACET)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.06 and traded as high as $9.68. Adicet Bio shares last traded at $9.53, with a volume of 118,981 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ACET shares. Wall Street Zen lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Jefferies Financial Group raised Adicet Bio to a “strong-buy” rating in a research report on Tuesday, September 1st. Guggenheim reiterated a “buy” rating and set a $90.00 price target (down from $100.00) on shares of Adicet Bio in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research note on Friday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.80.

Adicet Bio Price Performance

The company has a market capitalization of $89.11 million, a price-to-earnings ratio of -0.83 and a beta of 1.58. The firm has a 50-day simple moving average of $8.81 and a two-hundred day simple moving average of $8.07. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.01.

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

Hedge Funds Weigh In On Adicet Bio

Large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings 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 worth $2,882,000 after acquiring an additional 63,691 shares in the last quarter. Two Sigma Investments LP raised its position in Adicet Bio by 66.6% in the third 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. Franklin Resources Inc. purchased a new position in shares of Adicet Bio in the fourth quarter valued at approximately $5,276,000. Citadel Advisors LLC grew its stake in Adicet Bio by 19.8% during the 3rd quarter. Citadel Advisors LLC now owns 583,948 shares of the company’s stock worth $473,000 after purchasing an additional 96,342 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Adicet Bio during the 4th quarter worth about $2,310,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

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.