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

Adicet Bio, Inc. (NASDAQ:ACET) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 3,140,000 shares, a decline of 16.9% from the February 13th total of 3,780,000 shares. Currently, 4.7% of the company’s stock are sold short. Based on an average daily trading volume, of 834,000 shares, the days-to-cover ratio is currently 3.8 days.

Analyst Ratings Changes

A number of research firms have commented on ACET. HC Wainwright reiterated a “neutral” rating on shares of Adicet Bio in a research note on Friday, March 7th. StockNews.com lowered shares of Adicet Bio from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adicet Bio in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.50.

Institutional Trading of Adicet Bio

A number of hedge funds have recently modified their holdings of ACET. Virtu Financial LLC purchased a new position in Adicet Bio during the fourth quarter valued at approximately $29,000. GSA Capital Partners LLP grew its stake in shares of Adicet Bio by 161.3% during the 3rd quarter. GSA Capital Partners LLP now owns 39,208 shares of the company’s stock worth $56,000 after purchasing an additional 24,203 shares during the period. Wealthedge Investment Advisors LLC purchased a new position in shares of Adicet Bio during the 4th quarter valued at approximately $71,000. JPMorgan Chase & Co. increased its holdings in shares of Adicet Bio by 10,321.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,353 shares of the company’s stock valued at $116,000 after purchasing an additional 79,582 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Adicet Bio by 25.1% in the 4th quarter. Northern Trust Corp now owns 140,369 shares of the company’s stock valued at $135,000 after purchasing an additional 28,153 shares during the period. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Adicet Bio Price Performance

ACET stock opened at $0.80 on Wednesday. The company has a market capitalization of $65.77 million, a P/E ratio of -0.47 and a beta of 1.97. Adicet Bio has a 12 month low of $0.74 and a 12 month high of $2.43. The firm’s fifty day simple moving average is $0.90 and its 200-day simple moving average is $1.11.

Adicet Bio (NASDAQ:ACET) last posted its earnings results on Thursday, March 6th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.05. As a group, sell-side analysts forecast that Adicet Bio will post -1.39 earnings per share for the current year.

Adicet Bio Company Profile

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.