Bank of America Cuts Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target to $8.00

Acumen Pharmaceuticals (NASDAQ:ABOS) had its target price reduced by Bank of America from $9.00 to $8.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on ABOS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Tuesday, October 14th. Wall Street Zen raised Acumen Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 15th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.75.

Acumen Pharmaceuticals Price Performance

NASDAQ:ABOS opened at $1.56 on Tuesday. Acumen Pharmaceuticals has a 52-week low of $0.86 and a 52-week high of $2.47. The company has a market cap of $94.49 million, a P/E ratio of -0.70 and a beta of 0.23. The company has a debt-to-equity ratio of 0.29, a quick ratio of 6.02 and a current ratio of 6.02. The stock’s 50-day simple moving average is $1.82 and its 200 day simple moving average is $1.45.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.19. As a group, sell-side analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Nuveen LLC acquired a new position in Acumen Pharmaceuticals in the 1st quarter valued at $86,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Acumen Pharmaceuticals during the second quarter worth $291,000. ADAR1 Capital Management LLC boosted its position in shares of Acumen Pharmaceuticals by 55.0% in the first quarter. ADAR1 Capital Management LLC now owns 146,183 shares of the company’s stock valued at $161,000 after acquiring an additional 51,889 shares during the period. Invesco Ltd. boosted its position in shares of Acumen Pharmaceuticals by 544.1% in the first quarter. Invesco Ltd. now owns 127,798 shares of the company’s stock valued at $141,000 after acquiring an additional 107,956 shares during the period. Finally, Hudson Bay Capital Management LP grew its stake in shares of Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after acquiring an additional 55,004 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

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.