Shares of Adicet Bio (NASDAQ:ACET) cratered in today’s trading session after JMP Securities took a more cautious stance on it. The bank cut Adicet’s rating to ‘market perform’ and dropped its previous price target of $19. This comes amidst some uncertainty about when a crucial study on ADI-001, Adicet’s leading drug candidate for treating non-Hodgkin’s lymphoma (NHL), will commence. JMP now projects the company’s stock to fluctuate between $2.65 and $5.30, indicating they consider it to be aptly priced at the moment.
Recently, Adicet revealed initial data from the Phase 1 study of ADI-001 for NHL and announced that a potentially critical Phase 2 study is slated to start in the first half of 2024. Even though ADI-001 continues its journey through clinical trials and Adicet holds a strong cash position of $231.6 million, the new updates and delay in schedules have led JMP to adopt a wait-and-see approach.
A look at the past five trading days for ACET stock highlights the level of impact today’s news had on it. Indeed, shares plunged over 54%. As a result, investors are now down 51.97% during this timeframe.
