Acumen Pharmaceuticals (NASDAQ:ABOS) Downgraded by Stifel Nicolaus to Hold

Stifel Nicolaus lowered shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a buy rating to a hold rating in a research report released on Friday morning, Marketbeat reports. The brokerage currently has $1.00 target price on the stock.

Several other analysts have also recently weighed in on ABOS. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, October 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Acumen Pharmaceuticals in a research report on Thursday, September 17th. Citigroup raised their target price on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. BTIG Research reiterated a “buy” rating and issued a $8.00 price target on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Finally, Wall Street Zen cut Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 17th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $4.50.

Acumen Pharmaceuticals Stock Down 90.8%

ABOS stock opened at $0.21 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.89 and a quick ratio of 2.47. The stock has a market capitalization of $15.19 million, a price-to-earnings ratio of -0.14 and a beta of 0.33. The business’s fifty day moving average price is $2.41 and its two-hundred day moving average price is $2.49. Acumen Pharmaceuticals has a fifty-two week low of $0.21 and a fifty-two week high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its earnings results on Monday, October 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04. On average, equities analysts anticipate that Acumen Pharmaceuticals will post -1.51 earnings per share for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC boosted its position in shares of Acumen Pharmaceuticals by 248.7% during the 2nd quarter. Squarepoint Ops LLC now owns 52,351 shares of the company’s stock worth $140,000 after acquiring an additional 37,336 shares in the last quarter. Spark Investment Management LLC bought a new position in Acumen Pharmaceuticals in the second quarter valued at approximately $39,000. Two Sigma Securities LLC acquired a new position in Acumen Pharmaceuticals during the second quarter valued at approximately $32,000. Bank of America Corp DE acquired a new position in Acumen Pharmaceuticals during the second quarter valued at approximately $734,000. Finally, ADAR1 Capital Management LLC acquired a new position in Acumen Pharmaceuticals during the second quarter valued at approximately $5,637,000. 71.01% of the stock is owned by institutional investors.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease and other neurodegenerative disorders. The company’s research centers on amyloid beta oligomers, toxic protein assemblies that Acumen believes contribute to the development and progression of Alzheimer’s disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target soluble amyloid beta oligomers.