Analyst Downgrades Adicet Citing Uncertainty, Awaits Long-Term Data On Durability
Portfolio Pulse from Vandana Singh
JMP Securities has downgraded Adicet Bio Inc (NASDAQ:ACET) to a Market Perform and removed the price target of $19 due to uncertainty regarding the start of pivotal studies. The rating is based on an expected cash balance of $114.3 million at the end of Q1 2024, with 43.1 million shares outstanding, resulting in a value of $2.65. The shares have tanked after the company released shared safety and efficacy data from its Phase 1 study of ADI-001 for relapsed or refractory aggressive B-cell non-Hodgkin's lymphoma (NHL).
June 27, 2023 | 7:08 pm
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Adicet Bio Inc has been downgraded by JMP Securities due to uncertainty regarding the start of pivotal studies. The shares have tanked after the company released shared safety and efficacy data from its Phase 1 study of ADI-001.
The downgrade by JMP Securities and the removal of the price target indicate a lack of confidence in the company's short-term prospects. This, coupled with the release of safety and efficacy data from its Phase 1 study, has led to a significant drop in the company's share price.
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IMPORTANCE 80
RELEVANCE 100