Adicet Bio Inc [NASDAQ: ACET] closed the trading session at $3.00. The company report on January 25, 2024 at 4:01 PM that Adicet Bio, Inc. Announces Closing of $98 Million Public Follow-On Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares.
Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced the closing of its previously announced underwritten public offering of 32,379,667 shares of its common stock, which includes 5,325,000 shares sold and issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock, and, in lieu of common stock to certain investors, pre-funded warrants to purchase 8,445,333 shares of common stock. The shares of common stock were sold at a public offering price of $2.40 per share and the pre-funded warrants were sold at a public offering price of $2.3999 per pre-funded warrant, which represents the per share public offering price of each share of common stock minus the $0.0001 per share exercise price for each pre-funded warrant. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, were approximately $98.0 million. All of the securities in the offering were sold by Adicet.
Jefferies and Guggenheim Securities acted as joint book-running managers for the offering. Truist Securities also acted as a joint bookrunner. Wedbush PacGrow and JMP Securities, A Citizens Company acted as co-managers.
The stocks have a year to date performance of 58.73 percent and weekly performance of 20.97 percent. The stock has been moved at 15.38 percent over the last six months. The stock has performed 70.45 percent around the most recent 30 days and changed 134.38 percent over the most recent 3-months.
If compared to the average trading volume of 870.70K shares, ACET reached to a volume of 7001189 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Adicet Bio Inc [ACET]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ACET shares is $12.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ACET stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
JMP Securities have made an estimate for Adicet Bio Inc shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on June 27, 2023.
The Average True Range (ATR) for Adicet Bio Inc is set at 0.31 The Price to Book ratio for the last quarter was 0.66, with the Price to Cash per share for the same quarter was set at 2.61.
ACET stock trade performance evaluation
Adicet Bio Inc [ACET] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 20.97. With this latest performance, ACET shares gained by 70.45% in over the last four-week period, additionally plugging by 15.38% over the last 6 months – not to mention a drop of -66.25% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ACET stock in for the last two-week period is set at 63.63, with the RSI for the last a single of trading hit 65.36, and the three-weeks RSI is set at 62.89 for Adicet Bio Inc [ACET]. The present Moving Average for the last 50 days of trading for this stock 1.85, while it was recorded at 2.58 for the last single week of trading, and 2.89 for the last 200 days.
Adicet Bio Inc [ACET]: An insightful look at the core fundamentals
Adicet Bio Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 9.40 and a Current Ratio set at 9.40.
Earnings per share (EPS) analysis for Adicet Bio Inc [ACET] stock
With the latest financial reports released by the company, Adicet Bio Inc posted -0.72/share EPS, while the average EPS was predicted by analysts to be reported at -0.28/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -157.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ACET. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Adicet Bio Inc go to 29.10%.
Adicet Bio Inc [ACET]: Institutional Ownership
The top three institutional holders of ACET stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ACET stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ACET stock with ownership which is approximately 5.8325%.
