Adicet Bio, Inc. (NASDAQ:ACET) Sees Large Increase in Short Interest

Adicet Bio, Inc. (NASDAQ:ACET) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 485,466 shares, an increase of 78.5% from the September 15th total of 271,989 shares. Based on an average daily trading volume, of 439,513 shares, the days-to-cover ratio is presently 1.1 days. Approximately 5.4% of the company’s shares are short sold.

Analyst Ratings Changes

ACET has been the topic of several recent analyst reports. Guggenheim restated a “buy” rating and issued a $90.00 target price (down from $100.00) on shares of Adicet Bio in a report on Thursday, August 6th. HC Wainwright increased their price target on Adicet Bio from $27.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, September 28th. Jefferies Financial Group raised Adicet Bio to a “strong-buy” rating in a research report on Tuesday, September 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adicet Bio in a research report on Friday, August 21st. Finally, Wall Street Zen raised Adicet Bio from a “sell” rating to a “hold” rating in a research note on Saturday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, five have given 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, the company has an average rating of “Moderate Buy” and a consensus target price of $37.80.

Adicet Bio Stock Performance

NASDAQ:ACET opened at $5.14 on Friday. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.01. Adicet Bio has a twelve month low of $4.80 and a twelve month high of $17.04. The company has a fifty day moving average of $8.16 and a 200-day moving average of $8.09. The firm has a market capitalization of $48.11 million, a P/E ratio of -0.45 and a beta of 1.62.

Adicet Bio (NASDAQ:ACET) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($1.69) by ($0.30). As a group, sell-side analysts anticipate that Adicet Bio will post -6.76 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Regeneron Pharmaceuticals Inc. bought a new position in Adicet Bio in the second quarter worth approximately $522,819. Rangeley Capital LLC increased its holdings in shares of Adicet Bio by 124.0% during the first quarter. Rangeley Capital LLC now owns 56,000 shares of the company’s stock valued at $381,000 after acquiring an additional 30,999 shares in the last quarter. Johnson & Johnson bought a new stake in shares of Adicet Bio during the second quarter valued at approximately $196,811. Squarepoint Ops LLC acquired a new position in shares of Adicet Bio during the second quarter worth approximately $132,000. Finally, AXQ Capital LP bought a new position in shares of Adicet Bio in the 2nd quarter worth $95,000. 83.89% of the stock is owned by institutional investors and hedge funds.

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.