Benzinga | Sep 23, 2020 10:58AM EDT

Why Adicet Bio's Stock Is Trading Higher Today

Adicet Bio (NASDAQ:ACET) shares are trading higher on Wednesday after the company announced it will not be proceeding with its previously announced public offering of common stock.

Adicet Bio is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases. The company is advancing a pipeline of off-the-shelf gamma delta T cells, engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients.

Adicet Bio shares were trading up 35% at $13.76 at the time of publication. The stock has a 52-week high of $69.16 and a 52-week low of $6.02.