Short Interest in Adicet Bio, Inc. (NASDAQ:ACET) Drops By 18.1%

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 2,990,000 shares, a decrease of 18.1% from the November 15th total of 3,650,000 shares. Based on an average trading volume of 576,900 shares, the days-to-cover ratio is currently 5.2 days.

Institutional Trading of Adicet Bio

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Adicet Bio by 85.5% during the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company’s stock valued at $7,347,000 after buying an additional 1,441,503 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Adicet Bio during the first quarter valued at $37,000. Acadian Asset Management LLC grew its stake in Adicet Bio by 205.4% during the second quarter. Acadian Asset Management LLC now owns 1,085,093 shares of the company’s stock valued at $1,312,000 after acquiring an additional 729,750 shares in the last quarter. American Century Companies Inc. increased its holdings in Adicet Bio by 22.9% in the 2nd quarter. American Century Companies Inc. now owns 76,087 shares of the company’s stock valued at $92,000 after acquiring an additional 14,196 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Adicet Bio by 44.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company’s stock valued at $1,830,000 after purchasing an additional 463,600 shares during the last quarter. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Adicet Bio Trading Down 1.0 %

Adicet Bio stock opened at $0.96 on Monday. Adicet Bio has a 12-month low of $0.89 and a 12-month high of $3.77. The firm has a market capitalization of $79.50 million, a price-to-earnings ratio of -0.56 and a beta of 1.88. The firm has a 50 day moving average of $1.21 and a 200 day moving average of $1.33.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.34). On average, analysts predict that Adicet Bio will post -1.39 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wedbush restated an “outperform” rating and issued a $5.00 target price on shares of Adicet Bio in a research note on Thursday, November 7th. Guggenheim started coverage on Adicet Bio in a report on Monday, September 30th. They issued a “buy” rating and a $7.00 target price for the company. StockNews.com cut shares of Adicet Bio from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. HC Wainwright reaffirmed a “neutral” rating on shares of Adicet Bio in a research report on Monday, November 18th. Finally, Canaccord Genuity Group cut their price objective on Adicet Bio from $19.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.50.

About Adicet Bio

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.