Adicet Bio (NASDAQ:ACET) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen lowered shares of Adicet Bio (NASDAQ:ACET) from a hold rating to a sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other brokerages have also weighed in on ACET. Weiss Ratings reissued a “sell (d-)” rating on shares of Adicet Bio in a research report on Friday, August 21st. Benchmark restated a “buy” rating on shares of Adicet Bio in a research note on Tuesday, September 29th. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price (down from $100.00) on shares of Adicet Bio in a report on Thursday, August 6th. Jefferies Financial Group raised shares of Adicet Bio to a “strong-buy” rating in a report on Tuesday, September 1st. Finally, HC Wainwright upped their price target on shares of Adicet Bio from $27.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, September 28th. Two equities research 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.80.

Adicet Bio Stock Down 11.1%

ACET opened at $4.57 on Friday. Adicet Bio has a 1-year low of $4.57 and a 1-year high of $16.96. The stock’s fifty day simple moving average is $8.09 and its 200 day simple moving average is $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. The stock has a market cap of $42.78 million, a PE ratio of -0.40 and a beta of 1.62.

Adicet Bio (NASDAQ:ACET) last announced 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). As a group, research analysts expect that Adicet Bio will post -6.76 earnings per share for the current year.

Hedge Funds Weigh In On Adicet Bio

A number of large investors have recently made changes to their positions in ACET. Regeneron Pharmaceuticals Inc. bought a new stake in shares of Adicet Bio during the 2nd quarter valued at $522,819. Rangeley Capital LLC increased its position in shares of Adicet Bio by 124.0% in the first quarter. Rangeley Capital LLC now owns 56,000 shares of the company’s stock worth $381,000 after purchasing an additional 30,999 shares during the period. Johnson & Johnson bought a new position in shares of Adicet Bio in the second quarter worth $196,811. Squarepoint Ops LLC bought a new position in shares of Adicet Bio in the second quarter worth $132,000. Finally, AXQ Capital LP acquired a new position in Adicet Bio in the second quarter valued at about $95,000. Institutional investors own 83.89% of the company’s stock.

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.