Adicet Bio (NASDAQ:ACET) Posts Earnings Results, Misses Estimates By $0.30 EPS

Adicet Bio (NASDAQ:ACET) posted its quarterly earnings results on Wednesday. The company reported ($1.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.69) by ($0.30), FiscalAI reports.

Adicet Bio Price Performance

ACET stock traded down $0.10 on Wednesday, reaching $9.11. The company had a trading volume of 43,216 shares, compared to its average volume of 130,012. The company’s fifty day moving average is $8.36 and its 200 day moving average is $7.81. The company has a market cap of $85.18 million, a P/E ratio of -0.61 and a beta of 1.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.65 and a current ratio of 7.66. Adicet Bio has a 1 year low of $6.01 and a 1 year high of $17.44.

Institutional Trading of Adicet Bio

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Luminus Management LLC purchased a new stake in Adicet Bio during the 4th quarter worth about $501,000. ADAR1 Capital Management LLC acquired a new position in Adicet Bio in the 4th quarter valued at about $1,083,000. Burkehill Global Management LP purchased a new position in Adicet Bio in the 4th quarter valued at about $526,000. Adage Capital Partners GP L.L.C. purchased a new position in Adicet Bio in the 4th quarter valued at about $2,310,000. Finally, Squarepoint Ops LLC boosted its stake in shares of Adicet Bio by 20.0% during the 4th quarter. Squarepoint Ops LLC now owns 55,723 shares of the company’s stock worth $469,000 after purchasing an additional 9,296 shares during the last quarter. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Weiss Ratings upgraded Adicet Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded Adicet Bio from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Jefferies Financial Group began coverage on Adicet Bio in a report on Tuesday, May 5th. They issued a “buy” rating and a $19.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.80.

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.