- Adicet Bio, Inc. (NASDAQ: ACET) stock jumped more than 44% on positive data from its Phase 1 clinical study of ADI-001 cancer drug.
- The company launched its IPO in 2018.
- Adicet Bio develops allogeneic gamma delta T cell therapies.
Adicet Bio, Inc. (NASDAQ: ACET) stock rose more than 44% in premarket trading after announcing positive results from its Phase 1 study on the safety of ADI-001 cancer drug.
The stock traded at US$14.15 at 8:21 am ET, up 44.39% from its previous close.
On Monday, Adicet announced positive interim clinical data from its Phase 1 study of dose escalation of ADI-001. The study evaluated the safety and tolerability of the dose. The investigational cell therapy is the first-ever off-the-shelf, Gamma Delta CAR T, Allogeneic, investigational cell therapy. It is a potential treatment for the B-cell Non-Hodgkin’s Lymphoma.
Six patients, who were involved in the study, were administered with the lowest dose level. Three patients “achieved a response”, two “achieved complete response” (CR), and one achieved “partial response (PR) or near-complete response”, the company said. The positive outcome of the study made ADI-001 a potential off-the-shelf treatment for Lymphoma.
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The Adicet stock (ACET) rallied on the positive results from the tests.
The Boston, Massachusetts-based company, which develops allogeneic gamma delta T cell therapies, has a market capitalization of US$192 million.
The biotechnology company develops therapies for the treatment of cancer and other diseases. The stock traded in the range of US$17.80 to US$6.25 in the last 52 weeks.
Its one-year target price is US$26.00.
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For the September quarter of 2021, the company earned revenue of US$3.43 million compared to US$3.03 million in the corresponding quarter of 2020.
Its loss from operation was US$13.71 million against a loss of US$13.65 million a year ago. The net loss per share diluted was US$(0.44) against US$(2.84) in the September quarter of 2020.
While its peers Unity Biotechnology fell 20.91% MTD and Spectrum Pharmaceuticals fell 13.29% MTD, Adicet Bio declined nearly 8% in the same period.
ACET closed at US$9.80 on Dec 3, 2021, down 5.31% from the previous trading day. Its IPO came in January 2018. The stock fell around 30.25% YTD but rose about 2% in three months.
The Nasdaq Biotechnology Index (NBI) fell 3.455 YTD and 7.53% MTD. The healthcare sector represents companies engaged in various businesses, including manufacturing medical devices and drugs. Investors, however, must analyze the companies carefully before investing in stocks.