Midday trading for Adicet Bio on Monday (NASDAQ:ACET) turned sharply down. The company has lost over 36.7% so far in trading, and it all seems to be thanks to the results from ongoing Phase 1 clinical studies.
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The studies in question focused on a drug known as ADI-001, a treatment for B-Cell Non-Hodgkin’s Lymphoma. It’s specifically for patients who either have the disease in an aggressive form that is either “relapsed or refractory.” The news proved welcome on some fronts, including “high overall response rates” and “…a manageable side effect profile”. However, the news about the majority of patients relapsing within six months of use proved a problem.
However, Wedbush analysts didn’t seem phased. The analysts not only left their Outperform rating in place but maintained a price target of $30 per share. Adicet Bio, meanwhile, looks to move ADI-001 into a “potentially pivotal program.” That move should start in the first half of 2023.
Meanwhile, the larger body of analysts maintain a highly positive stance. Analyst consensus considers Adicet Bio a Strong Buy, with the average price target of $28.20 giving Adicet Bio an upside potential of 157.06%
