Negative sentiment towards ACET reflected by a jump of 31.27% in short interest

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Adicet Bio Inc shares valued at $7,500,000 were purchased by ORBIMED ADVISORS LLC on Jan 25 ’24. At $2.40 per share, ORBIMED ADVISORS LLC acquired 3,125,000 shares. The insider’s holdings grew to 7,526,359 shares worth approximately $16.93 million following the completion of this transaction.

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Also, GORDON CARL L purchased 3,125,000 shares, netting a total of over 7,500,000 in proceeds. Following the buying of shares at $2.40 each, the insider now holds 7,526,359 shares.

Before that, Schor Chen had added 5,500 shares to its account. In a trade valued at $7,340, the President & CEO bought Adicet Bio Inc shares for $1.33 each. Upon closing the transaction, the insider’s holdings increased to 5,500 shares, worth approximately $97805.25.

As published in a research note from JMP Securities on June 27, 2023, Adicet Bio Inc [ACET] has been rated down from a Mkt outperform to a Mkt perform. Analysts at Guggenheim downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late June. As of June 01, 2023, JP Morgan has decreased its “an Overweight” rating to a “Neutral” for ACET. Earlier on September 21, 2022, JP Morgan initiated its rating. Their recommendation was “an Overweight” for ACET stock.

Analyzing ACET Stock Performance

During the last five days, there has been a drop of approximately -6.25%. Over the course of the year, Adicet Bio Inc shares have jumped approximately 19.05%. Shares of the company reached a 52-week high of $3.77 on 01/09/24 and a 52-week low of $1.75 on 01/03/24. A 50-day SMA is recorded $2.68, while a 200-day SMA reached $2.35. Nevertheless, trading volume fell to 0.81 million shares from 2.73 million shares the previous day.

Support And Resistance Levels for Adicet Bio Inc (ACET)

According to the 24-hour chart, there is a support level at 2.19, which, if violated, would cause prices to drop to 2.12. In the upper region, resistance lies at 2.37. The next price resistance is at 2.48. RSI (Relative Strength Index) is 38.18 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.03, which suggests the price will decrease in the coming days. Percent R is at 97.30%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Adicet Bio Inc subject to short interest?

Stocks of Adicet Bio Inc saw a sharp rise in short interest on Feb 29, 2024 jumping by 1.77 million shares to 5.66 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 3.89 million shares. A jump of 31.27% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.96 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.96.

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