Adicet Bio, Inc. to Post Q1 2024 Earnings of ($0.80) Per Share, Wedbush Forecasts (NASDAQ:ACET)

Adicet Bio, Inc. (NASDAQ:ACET – Get Rating) – Equities research analysts at Wedbush issued their Q1 2024 EPS estimates for Adicet Bio in a report released on Thursday, March 16th. Wedbush analyst R. Driscoll anticipates that the company will earn ($0.80) per share for the quarter. Wedbush has a “Outperform” rating and a $30.00 price objective on the stock. The consensus estimate for Adicet Bio’s current full-year earnings is ($1.94) per share. Wedbush also issued estimates for Adicet Bio’s Q2 2024 earnings at ($0.83) EPS, Q3 2024 earnings at ($0.87) EPS, Q4 2024 earnings at ($0.91) EPS and FY2027 earnings at $6.39 EPS.

Other research analysts also recently issued reports about the stock. StockNews.com assumed coverage on shares of Adicet Bio in a research report on Thursday. They set a “sell” rating for the company. HC Wainwright reissued a “buy” rating and issued a $38.00 price target on shares of Adicet Bio in a report on Thursday. Finally, JMP Securities restated a “buy” rating and set a $19.00 price objective on shares of Adicet Bio in a research report on Friday. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.50.

Adicet Bio Price Performance

ACET opened at $7.43 on Friday. Adicet Bio has a fifty-two week low of $6.82 and a fifty-two week high of $21.87. The firm has a market capitalization of $318.38 million, a PE ratio of -4.35 and a beta of 2.35. The company’s 50-day moving average is $8.20 and its 200 day moving average is $12.62.

Insider Activity

In other Adicet Bio news, CTO Don Healey sold 4,533 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $7.57, for a total value of $34,314.81. Following the completion of the transaction, the chief technology officer now directly owns 66,568 shares in the company, valued at $503,919.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 29.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adicet Bio

Several hedge funds and other institutional investors have recently made changes to their positions in ACET. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Adicet Bio by 328.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,161 shares of the company’s stock worth $64,000 after buying an additional 5,489 shares during the period. Annandale Capital LLC acquired a new stake in Adicet Bio in the 3rd quarter worth approximately $65,000. Lazard Asset Management LLC purchased a new position in Adicet Bio during the 2nd quarter worth approximately $82,000. Legal & General Group Plc raised its position in Adicet Bio by 204.5% during the 2nd quarter. Legal & General Group Plc now owns 6,358 shares of the company’s stock worth $93,000 after buying an additional 4,270 shares during the last quarter. Finally, Alpine Global Management LLC purchased a new position in Adicet Bio during the 4th quarter worth approximately $109,000.

Adicet Bio Company Profile

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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.