Adicet Bio Receives Upgrade from Jones Trading
Adicet Bio Inc. (NASDAQ: ACET), a leading player in the cell therapy space, has received a significant upgrade from Jones Trading. The firm has raised its rating from Hold to Buy, and set a new price target of $6.00. This upgrade comes as Jones Trading reevaluates the company’s trading multiple and technology value, taking into account the high level of interest in the inflammation and immunology (I&I) sector.
According to the analysts, there are around 10 key data catalysts expected in the cell therapy space in 2024, with clear implications for Adicet Bio. The company, however, has yet to factor in lupus nephritis into its valuation model. In an effort to better understand the potential impact, Adicet Bio plans to release an initial set of data by the end of 2024. Jones Trading has made it clear that they are eagerly awaiting this data before fully incorporating it into their assessments.
In terms of financial stability, Adicet Bio is in a strong position. The company reported a solid cash reserve of $183 million at the end of the third quarter of 2023. Additionally, in January 2024, Adicet Bio successfully raised an additional $98 million. Jones Trading has acknowledged that the stock is currently trading at its cash value, a factor that influenced their decision to upgrade the rating to Buy.
Overall, the upgrade from Jones Trading to Buy is a positive development for Adicet Bio. As the company continues to make progress in the cell therapy space and releases key data, investors will be closely watching to gauge the potential impact on the stock’s performance.
Analyst comment
This news is evaluated as positive. As an analyst, I anticipate that the market for Adicet Bio will react positively to this upgrade. Investors will be closely watching the company’s progress in the cell therapy space and the release of key data, which could potentially impact the stock’s performance.
