Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target Raised to $5.00

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price target upped by investment analysts at Citigroup from $4.00 to $5.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 79.53% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Monday, July 6th. Wall Street Zen lowered Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $7.00.

Acumen Pharmaceuticals Stock Performance

Shares of NASDAQ:ABOS traded down $0.01 during midday trading on Tuesday, hitting $2.79. The company had a trading volume of 182,190 shares, compared to its average volume of 566,954. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.47 and a quick ratio of 2.47. The company has a market cap of $201.40 million, a price-to-earnings ratio of -1.71 and a beta of 0.37. Acumen Pharmaceuticals has a 12-month low of $1.21 and a 12-month high of $3.60. The company has a fifty day moving average of $2.62 and a two-hundred day moving average of $2.62.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its earnings results on Tuesday, August 11th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.09). On average, equities research analysts expect that Acumen Pharmaceuticals will post -1.6 EPS for the current fiscal year.

Insider Activity at Acumen Pharmaceuticals

In related news, Director Derrell Porter sold 13,040 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $2.33, for a total value of $30,383.20. Following the sale, the director directly owned 35,500 shares in the company, valued at approximately $82,715. The trade was a 26.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of Acumen Pharmaceuticals

Several hedge funds have recently made changes to their positions in ABOS. BlackRock Inc. purchased a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at $6,649,000. ADAR1 Capital Management LLC increased its stake in Acumen Pharmaceuticals by 142.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company’s stock worth $5,089,000 after purchasing an additional 1,265,151 shares during the period. SG Americas Securities LLC lifted its position in shares of Acumen Pharmaceuticals by 79.3% during the first quarter. SG Americas Securities LLC now owns 719,257 shares of the company’s stock worth $1,697,000 after purchasing an additional 318,210 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Acumen Pharmaceuticals by 12.0% in the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock worth $1,119,000 after purchasing an additional 50,846 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Acumen Pharmaceuticals by 33.3% in the 1st quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock worth $756,000 after buying an additional 80,064 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Acumen Pharmaceuticals Company Profile

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.