Shares of the Adicet Bio, Inc. (ACET) stock soared in the intraday trading session today on December 6, 2021. ACET stock price saw a surge of 30.83% to reach $12.82 a share at the time of this writing. The stock was gloomy in the previous trading session and went low by 5.31% at closing with a $9.80 per share price. Let’s deep dive to understand the reason behind this bull.
What’s Happening?
ACET stock became bullish after it released the positive interim data from its dose-escalation Phase 1 study. The purpose of the study is to evaluate the safety as well as tolerability of the ADI-001. For those who are wondering what really the ADI-001 is, it is the investigational therapy of the ACET stock to treat patients with B-cell Non-Hodgkin’s Lymphoma.
Six patients participated in the Phase 1 study of ADI-001 as of November 22, 2021. Out of these six patients, two of them had been dosed at the lowest level and did not reach the day 28 assessment. Two patients achieved complete response and one achieved a partial response. The responses to ADI-001 in heavily pre-treated patients were promising. The recent data reflects that ADI-001 is potentially effective for treating patients with B cell malignancies. However further clinical testing is still required for the evaluation of this therapy.
New Appointment by ACET stock
In the previous month on November 18, 2021, ACET stock announced the new appointment for its board members. ACET stock reported that it has appointed Michael G. Kauffman, M.D., Ph.D., to its board of directors. Dr. Kauffman has profound experience of more than 20 years in the life science industry. He did significant work in regulatory strategy, clinical development, and clinical research.
Financial View of ACET stock
According to third-quarter 2021 financial results, ACET stock spent $11.9 million in research and development expenses. These expenses were $8.9 million in the same period as the previous year. General and administrative expenses of the Adicet stock were $5.2 million in the third quarter of 2021 as compared to $7.7 million in the same tenure of the previous year. Adicet stock suffered a net loss of $14.0 million in the recently reported quarter. By the end of the third quarter, Adicet stock had $192.2 million in cash, cash equivalents, and marketable debt securities.
Wrap Up
The recent development of the ACET stock has captivated the attention of the investors as the stock is bullish so far. The management is optimistic that ADI-001 will prove to be an effective therapy for the treatment of B cell malignancies.
