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

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

Adicet Bio Trading Down 1.1%

Shares of Adicet Bio stock traded down $0.10 on Wednesday, hitting $9.11. The stock had a trading volume of 43,367 shares, compared to its average volume of 130,012. The company has a quick ratio of 7.65, a current ratio of 7.66 and a debt-to-equity ratio of 0.01. Adicet Bio has a one year low of $6.01 and a one year high of $17.44. The stock’s 50-day simple moving average is $8.36 and its two-hundred day simple moving average is $7.81. The stock has a market cap of $85.18 million, a price-to-earnings ratio of -0.61 and a beta of 1.60.

Hedge Funds Weigh In On Adicet Bio

A number of hedge funds have recently modified their holdings of the company. Susquehanna International Group LLP purchased a new stake in shares of Adicet Bio during the third quarter worth about $33,000. Squarepoint Ops LLC bought a new position in Adicet Bio during the 3rd quarter valued at approximately $38,000. Virtu Financial LLC purchased a new stake in Adicet Bio in the 3rd quarter worth approximately $65,000. Citadel Advisors LLC grew its position 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 worth $473,000 after buying an additional 96,342 shares during the last quarter. Finally, Luminus Management LLC purchased a new position in shares of Adicet Bio during the fourth quarter valued at approximately $501,000. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Analyst Ratings Changes

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

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.