On Tuesday, Adicet Bio Inc. (NASDAQ:ACET) received an upgrade from Jones Trading from Hold to Buy, with a new price target set at $6.00. The upgrade follows a reassessment of the company's trading multiple and technology value, taking into account the growing interest in the cell therapy space, particularly in inflammation and immunology (I&I).
"We see approx. 10 key data catalysts in the cell therapy space in 2024, and we see clear readthrough to ACET," said the analysts.
Adicet Bio, which has not yet factored lupus nephritis into its valuation model, is expected to release an initial set of data by the end of 2024. Jones Trading has stated that they are awaiting this data before incorporating it into their assessments.
The financial position of Adicet Bio appears robust, with the company reporting a solid cash reserve of $183 million at the end of the third quarter of 2023. Furthermore, the company managed to raise an additional $98 million in January 2024. Jones Trading pointed out that the stock is currently trading at its cash value, which contributed to their decision to raise the rating to Buy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.