Acumen Pharmaceuticals (NASDAQ:ABOS) Issues Earnings Results, Beats Estimates By $0.19 EPS

Acumen Pharmaceuticals (NASDAQ:ABOS) posted its earnings results on Wednesday. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.19, Zacks reports.

Acumen Pharmaceuticals Trading Down 0.5%

Shares of NASDAQ:ABOS traded down $0.01 during midday trading on Wednesday, reaching $1.96. The company had a trading volume of 70,480 shares, compared to its average volume of 331,420. The company has a fifty day simple moving average of $1.78 and a two-hundred day simple moving average of $1.43. The firm has a market cap of $118.72 million, a price-to-earnings ratio of -0.86 and a beta of 0.23. Acumen Pharmaceuticals has a 1-year low of $0.86 and a 1-year high of $2.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 5.97 and a current ratio of 5.97.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ABOS. Bank of America lowered their price target on Acumen Pharmaceuticals from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Tuesday, October 14th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ABOS. Marex Group plc purchased a new position in shares of Acumen Pharmaceuticals in the second quarter worth approximately $39,000. AQR Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals during the first quarter valued at approximately $46,000. Qube Research & Technologies Ltd lifted its position in shares of Acumen Pharmaceuticals by 160.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock valued at $67,000 after acquiring an additional 35,424 shares in the last quarter. Marshall Wace LLP acquired a new position in Acumen Pharmaceuticals in the 2nd quarter worth approximately $160,000. Finally, Jane Street Group LLC raised its stake in Acumen Pharmaceuticals by 1,526.0% during the 2nd quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock valued at $204,000 after purchasing an additional 164,866 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer’s disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.