Stonepine Capital Management LLC Increases Stake in Adicet Bio, Inc. (NASDAQ:ACET)

Stonepine Capital Management LLC grew its stake in Adicet Bio, Inc. (NASDAQ:ACET - Free Report) by 330.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 609,446 shares of the company's stock after buying an additional 467,898 shares during the quarter. Adicet Bio accounts for approximately 0.7% of Stonepine Capital Management LLC's portfolio, making the stock its 17th biggest position. Stonepine Capital Management LLC owned approximately 0.74% of Adicet Bio worth $737,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ACET. RA Capital Management L.P. purchased a new position in Adicet Bio in the first quarter worth approximately $17,721,000. Vanguard Group Inc. lifted its position in shares of Adicet Bio by 85.5% during the 1st quarter. Vanguard Group Inc. now owns 3,126,578 shares of the company's stock worth $7,347,000 after purchasing an additional 1,441,503 shares during the last quarter. Carlyle Group Inc. grew its stake in shares of Adicet Bio by 39.4% during the first quarter. Carlyle Group Inc. now owns 2,948,718 shares of the company's stock worth $6,900,000 after purchasing an additional 833,333 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Adicet Bio by 44.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,600 shares of the company's stock valued at $1,830,000 after buying an additional 463,600 shares during the last quarter. Finally, Blackstone Inc. purchased a new position in Adicet Bio in the first quarter valued at $2,906,000. 83.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ACET has been the subject of several analyst reports. Guggenheim initiated coverage on Adicet Bio in a research report on Monday. They set a "buy" rating and a $7.00 price objective for the company. Canaccord Genuity Group cut their price target on shares of Adicet Bio from $19.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, September 11th. Wedbush restated an "outperform" rating and issued a $5.00 price objective on shares of Adicet Bio in a research note on Friday, September 20th. HC Wainwright reaffirmed a "neutral" rating on shares of Adicet Bio in a report on Monday. Finally, StockNews.com downgraded Adicet Bio from a "hold" rating to a "sell" rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $7.50.

Adicet Bio Stock Performance

Adicet Bio stock traded down $0.02 during midday trading on Tuesday, hitting $1.42. 2,596,678 shares of the company's stock were exchanged, compared to its average volume of 1,225,832. The stock has a market cap of $117.01 million, a price-to-earnings ratio of -0.49 and a beta of 1.79. Adicet Bio, Inc. has a 12-month low of $1.05 and a 12-month high of $3.77. The firm's 50 day simple moving average is $1.46 and its 200 day simple moving average is $1.58.

Adicet Bio (NASDAQ:ACET - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.03. On average, equities research analysts forecast that Adicet Bio, Inc. will post -1.35 EPS for the current fiscal year.

Adicet Bio 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.