Adicet Bio, Inc. (NASDAQ:ACET) Stock Short Interest Climbs 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. Approximately 5.4% of the company’s stock are short sold. Based on an average daily volume of 439,513 shares, the days-to-cover ratio is currently 1.1 days.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC bought a new position in shares of Adicet Bio in the second quarter valued at approximately $132,000. AXQ Capital LP purchased a new position in shares of Adicet Bio during the second quarter valued at approximately $95,000. Regeneron Pharmaceuticals Inc. bought a new stake in Adicet Bio during the second quarter worth $522,819. Johnson & Johnson bought a new stake in Adicet Bio during the second quarter worth $196,811. Finally, NewEdge Advisors LLC bought a new stake in Adicet Bio during the first quarter worth $26,000. Institutional investors and hedge funds own 83.89% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Jefferies Financial Group upgraded Adicet Bio to a “strong-buy” rating in a research note on Tuesday, September 1st. HC Wainwright upped their price target on Adicet Bio from $27.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, September 28th. Wall Street Zen lowered Adicet Bio from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adicet Bio in a report on Friday, August 21st. Finally, Guggenheim reissued a “buy” rating and issued a $90.00 price objective (down from $100.00) on shares of Adicet Bio in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.80.

Adicet Bio Stock Down 11.1%

ACET traded down $0.57 during trading on Friday, hitting $4.57. 188,549 shares of the company’s stock were exchanged, compared to its average volume of 351,052. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $8.09 and its two-hundred day moving average is $8.07. Adicet Bio has a fifty-two week low of $4.57 and a fifty-two week high of $16.96. The stock has a market cap of $42.78 million, a P/E ratio of -0.40 and a beta of 1.62.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30). As a group, equities analysts expect that Adicet Bio will post -6.76 earnings per share 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.