Adicet Bio, Inc. (NASDAQ:ACET) Short Interest Up 32.1% in May

Adicet Bio, Inc. (NASDAQ:ACET) was the recipient of a large increase in short interest in May. As of May 31st, there was short interest totalling 3,130,000 shares, an increase of 32.1% from the May 15th total of 2,370,000 shares. Based on an average daily volume of 519,500 shares, the short-interest ratio is presently 6.0 days. Currently, 4.7% of the shares of the company are short sold.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ACET. HC Wainwright restated a “neutral” rating on shares of Adicet Bio in a research report on Friday, March 7th. Guggenheim reissued a “buy” rating and set a $7.00 price target on shares of Adicet Bio in a research report on Friday, March 21st. Finally, Wall Street Zen initiated coverage on Adicet Bio in a report on Friday, May 16th. They set a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.50.

Adicet Bio Trading Down 6.1%

NASDAQ ACET opened at $0.67 on Wednesday. The firm has a market capitalization of $55.61 million, a price-to-earnings ratio of -0.52 and a beta of 1.67. The firm’s 50 day simple moving average is $0.66 and its 200 day simple moving average is $0.81. Adicet Bio has a 1 year low of $0.45 and a 1 year high of $1.70.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Tuesday, May 6th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.03. On average, equities research analysts forecast that Adicet Bio will post -1.39 earnings per share for the current year.

Institutional Trading of Adicet Bio

Several large investors have recently bought and sold shares of ACET. Regeneron Pharmaceuticals Inc. acquired a new stake in Adicet Bio in the fourth quarter valued at about $931,000. Virtu Financial LLC bought a new stake in shares of Adicet Bio during the 4th quarter valued at approximately $29,000. JPMorgan Chase & Co. grew its holdings in shares of Adicet Bio by 87.3% during the 4th quarter. JPMorgan Chase & Co. now owns 150,485 shares of the company’s stock valued at $145,000 after purchasing an additional 70,132 shares during the last quarter. Norges Bank acquired a new stake in Adicet Bio in the fourth quarter valued at approximately $413,000. Finally, Northern Trust Corp boosted its position in Adicet Bio by 25.1% in the fourth quarter. Northern Trust Corp now owns 140,369 shares of the company’s stock valued at $135,000 after buying an additional 28,153 shares in the last quarter. 83.89% of the stock is owned by institutional investors and hedge funds.

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.