Adicet Bio (NASDAQ:ACET) Upgraded at Zacks Investment Research

Adicet Bio (NASDAQ:ACET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $8.75 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 4.79% from the stock’s current price.

According to Zacks, “Adicet Bio Inc. is a biotechnology company. It engages in discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases. Adicet Bio Inc., formerly known as RESTORBIO INC, is based in Calif. “

Separately, Jonestrading reaffirmed a “buy” rating and issued a $33.00 price target on shares of Adicet Bio in a research note on Tuesday, August 24th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $26.42.

Shares of NASDAQ:ACET traded up $0.56 during trading on Tuesday, reaching $8.35. 2,679 shares of the company’s stock traded hands, compared to its average volume of 139,360. Adicet Bio has a fifty-two week low of $6.25 and a fifty-two week high of $17.80. The firm has a market cap of $265.88 million, a PE ratio of -1.87 and a beta of 2.42. The company has a 50-day simple moving average of $7.47 and a 200-day simple moving average of $10.68.

Adicet Bio (NASDAQ:ACET) last issued its quarterly earnings results on Wednesday, August 11th. The company reported ($0.34) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.18. The company had revenue of $4.81 million during the quarter, compared to analysts’ expectations of $4.50 million. As a group, research analysts predict that Adicet Bio will post -1.89 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of ACET. Abingworth LLP acquired a new stake in Adicet Bio in the 1st quarter valued at approximately $20,968,000. Point72 Asset Management L.P. acquired a new position in Adicet Bio during the 1st quarter worth $13,709,000. BlackRock Inc. grew its stake in Adicet Bio by 152.3% during the 2nd quarter. BlackRock Inc. now owns 1,235,313 shares of the company’s stock worth $12,711,000 after purchasing an additional 745,685 shares in the last quarter. Orbimed Advisors LLC grew its stake in Adicet Bio by 7.8% during the 1st quarter. Orbimed Advisors LLC now owns 7,232,856 shares of the company’s stock worth $94,606,000 after purchasing an additional 524,349 shares in the last quarter. Finally, Ally Bridge Group NY LLC acquired a new position in Adicet Bio during the 1st quarter worth $5,559,000. Hedge funds and other institutional investors own 66.67% of the company’s stock.

About Adicet Bio

Adicet Bio, Inc is a biotechnology company, which engages in the design and development of off-the-shelf allogeneic gamma delta T cell therapies for cancer and other diseases. The company was founded by Aya Jakobovits in November 2014 and is headquartered in Boston, MA.

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Analyst Recommendations for Adicet Bio (NASDAQ:ACET)

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