Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Declines By 11.0%

by · The Markets Daily

Adicet Bio, Inc. (NASDAQ:ACET – Get Free Report) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 3,720,000 shares, a decrease of 11.0% from the September 15th total of 4,180,000 shares. Based on an average daily trading volume, of 676,900 shares, the days-to-cover ratio is presently 5.5 days.

Institutional Investors Weigh In On Adicet Bio

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Adicet Bio during the 1st quarter worth approximately $28,000. Price T Rowe Associates Inc. MD bought a new position in Adicet Bio during the first quarter worth $37,000. Point72 DIFC Ltd grew its holdings in Adicet Bio by 77.5% in the second quarter. Point72 DIFC Ltd now owns 33,441 shares of the company’s stock worth $40,000 after purchasing an additional 14,596 shares during the period. Marshall Wace LLP bought a new stake in Adicet Bio in the second quarter valued at $43,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Adicet Bio in the second quarter valued at $62,000. Institutional investors and hedge funds own 83.89% of the company’s stock.

Adicet Bio Trading Up 6.4 %

ACET opened at $1.49 on Thursday. Adicet Bio has a twelve month low of $1.05 and a twelve month high of $3.77. The company has a fifty day moving average of $1.45 and a 200-day moving average of $1.52.

Adicet Bio (NASDAQ:ACET – Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.03. As a group, analysts forecast that Adicet Bio will post -1.41 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research report on Wednesday. Canaccord Genuity Group cut their price target on shares of Adicet Bio from $19.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Guggenheim initiated coverage on Adicet Bio in a report on Monday, September 30th. They issued a “buy” rating and a $7.00 price objective for the company. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Adicet Bio in a report on Friday, September 20th. Finally, StockNews.com upgraded Adicet Bio from a “sell” rating to a “hold” rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

View Our Latest Analysis on ACET

Adicet Bio Company Profile

(Get Free Report)

Adicet Bio, Inc, a clinical stage biotechnology company, discovers and develops allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. The company offers gamma delta T cells engineered with chimeric antigen receptors (CARs) to facilitate durable activity in patients. Its lead product candidate is ADI-001, an allogeneic gamma delta T cell therapy expressing a CAR targeting CD20, which is in Phase I clinical trial for the treatment of autoimmune diseases and relapsed or refractory aggressive B cell non-Hodgkin's lymphoma.

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