Adicet Bio (NASDAQ:ACET) Stock Crosses Below 200-Day Moving Average – Here’s Why

Adicet Bio, Inc. (NASDAQ:ACET) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.43 and traded as low as $6.83. Adicet Bio shares last traded at $6.90, with a volume of 78,312 shares.

Analysts Set New Price Targets

Several research firms recently issued reports on ACET. Guggenheim decreased their target price on shares of Adicet Bio from $128.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. HC Wainwright decreased their target price on shares of Adicet Bio from $50.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, March 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Adicet Bio in a research report on Tuesday, January 27th. Canaccord Genuity Group set a $18.00 target price on shares of Adicet Bio and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, Truist Financial raised shares of Adicet Bio to a “strong-buy” rating in a research report on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Adicet Bio currently has an average rating of “Moderate Buy” and a consensus price target of $56.25.

Adicet Bio Price Performance

The stock has a market capitalization of $62.88 million, a price-to-earnings ratio of -0.36 and a beta of 1.57. The business’s 50-day simple moving average is $7.11 and its two-hundred day simple moving average is $9.37.

Adicet Bio (NASDAQ:ACET) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($2.94) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.23) by $0.29. As a group, sell-side analysts expect that Adicet Bio, Inc. will post -1.39 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Citadel Advisors LLC lifted its position in Adicet Bio by 19.8% during the third quarter. Citadel Advisors LLC now owns 583,948 shares of the company’s stock valued at $473,000 after buying an additional 96,342 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of Adicet Bio during the fourth quarter worth $2,310,000. NEXTBio Capital Management LP acquired a new position in shares of Adicet Bio during the fourth quarter worth $1,329,000. Franklin Resources Inc. acquired a new position in shares of Adicet Bio during the fourth quarter worth $5,276,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Adicet Bio by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock worth $2,882,000 after purchasing an additional 63,691 shares in the last quarter. 83.89% of the stock is owned by institutional investors and hedge funds.

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.