Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have been assigned an average rating of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $7.00.

Several analysts have issued reports on ABOS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Monday, July 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday. BTIG Research reissued a “buy” rating and issued a $8.00 price target on shares of Acumen Pharmaceuticals in a report on Wednesday. Citigroup increased their price objective on Acumen Pharmaceuticals from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th.

Institutional Trading of Acumen Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC lifted its holdings 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 during the period. Spark Investment Management LLC acquired a new position in Acumen Pharmaceuticals during the second quarter worth approximately $39,000. Two Sigma Securities LLC purchased a new position in Acumen Pharmaceuticals during the second quarter worth approximately $32,000. Bank of America Corp DE purchased a new position in Acumen Pharmaceuticals during the second quarter worth approximately $734,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Acumen Pharmaceuticals in the 2nd quarter valued at $5,637,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Acumen Pharmaceuticals Price Performance

Shares of ABOS traded down $0.00 on Thursday, reaching $2.61. The stock had a trading volume of 44,410 shares, compared to its average volume of 563,682. The firm has a 50-day moving average of $2.63 and a 200 day moving average of $2.62. The firm has a market capitalization of $188.61 million, a PE ratio of -1.59 and a beta of 0.37. Acumen Pharmaceuticals has a twelve month low of $1.22 and a twelve month high of $3.60. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.21.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its earnings results on Wednesday, August 12th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.09). Sell-side analysts expect that Acumen Pharmaceuticals will post -1.6 EPS for the current year.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc (NASDAQ: ABOS) is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease. The company’s research is centered on amyloid-beta oligomers, toxic protein assemblies that Acumen believes play a key role in the development and progression of neurodegenerative disease.

Acumen’s lead product candidate is sabirnetug, formerly known as ACU193, an investigational monoclonal antibody designed to selectively target amyloid-beta oligomers while avoiding much of the amyloid plaque targeted by some other Alzheimer’s therapies.