Adicet Bio (NASDAQ:ACET) Major Shareholder Acquires $543,439.77 in Stock

Adicet Bio, Inc. (NASDAQ:ACET) major shareholder Ra Capital Management, L.P. bought 74,751 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were acquired at an average price of $7.27 per share, for a total transaction of $543,439.77. Following the completion of the transaction, the insider owned 1,182,624 shares in the company, valued at $8,597,676.48. This represents a 6.75% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Ra Capital Management, L.P. also recently made the following trade(s):

• On Thursday, February 19th, Ra Capital Management, L.P. bought 74,268 shares of Adicet Bio stock. The shares were acquired at an average price of $7.21 per share, for a total transaction of $535,472.28.
• On Wednesday, February 18th, Ra Capital Management, L.P. bought 74,577 shares of Adicet Bio stock. The shares were acquired at an average price of $7.04 per share, for a total transaction of $525,022.08.

Adicet Bio Stock Performance

Shares of Adicet Bio stock opened at $7.92 on Thursday. The firm’s 50-day simple moving average is $7.02 and its 200-day simple moving average is $9.14. Adicet Bio, Inc. has a twelve month low of $6.01 and a twelve month high of $17.44. The firm has a market cap of $76.03 million, a P/E ratio of -0.44 and a beta of 1.57.

Adicet Bio (NASDAQ:ACET) last issued its earnings results on Thursday, March 12th. The company reported ($2.94) earnings per share for the quarter, beating the consensus estimate of ($3.23) by $0.29. On average, equities analysts forecast that Adicet Bio, Inc. will post -1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adicet Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Adicet Bio by 1.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,816,556 shares of the company’s stock valued at $2,882,000 after buying an additional 63,691 shares in the last quarter. Two Sigma Investments LP boosted its position in Adicet Bio by 66.6% in the third quarter. Two Sigma Investments LP now owns 854,568 shares of the company’s stock valued at $692,000 after buying an additional 341,761 shares in the last quarter. Franklin Resources Inc. acquired a new position in Adicet Bio in the fourth quarter valued at about $5,276,000. Citadel Advisors LLC boosted its position in Adicet Bio by 19.8% in 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. Finally, Adage Capital Partners GP L.L.C. acquired a new position in Adicet Bio in the fourth quarter valued at about $2,310,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ACET. Canaccord Genuity Group set a $18.00 target price on shares of Adicet Bio and gave the company a “buy” rating in a research report on Tuesday, January 6th. 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. Truist Financial upgraded shares of Adicet Bio to a “strong-buy” rating in a research report on Wednesday, March 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Adicet Bio in a research report on Tuesday, January 27th. Finally, Guggenheim reduced their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.25.

Adicet Bio Company Profile

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.