Long play in ACET, entry: 10.55, target: $15.00, stop 9.70

NASDAQ:ACET   Adicet Bio, Inc.
On Friday June 18, ACET was once again traded down to the support at $10. It came back strong, however, and closed near the high of the day. There was heavy volume as buyers obviously saw value at this level.

If it continues up this week, preferably under volume, I would be long with targets at the $12 and $15 levels (previous resistance). A good stop level would be the 52-week low at 9.71. At target 1, the risk reward ratio isn’t great at 1.7, but it is target 2 that is the main target and have a ratio of 5.2.

A stop of -8.5% can seem high but with a potential profit of 42% I think it is defendable. An alternative stop could be just below the low of June 18 (10.05).

Entry: 10.55
Target 1: 12.00 (13.7%)
Target 2: 15.00 (42.2%)
Stop: 9.70 (-8.5%)

Not seeing this as a long-term play even though analysts seem to like it. The average price target according to Yahoo Finance is $28.29. If that level is in the cards, then getting in at $10 would be a good deal. However, there have been lots of insider selling and no buying. As late as June 15, founder and board member Jakobovits Aya, sold another 3,847 shares.

This is a trade idea and not a recommendation. You are responsible for your own trades. Never trade with money you cannot afford to lose.


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