Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Stock Has Average Target Price of $7.00

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $7.00.

Several equities research analysts recently commented on ABOS shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. BTIG Research restated a “buy” rating and issued a $8.00 target price on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Wall Street Zen lowered Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, October 2nd. Finally, Citigroup lifted their price target on Acumen Pharmaceuticals from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th.

Institutional Trading of Acumen Pharmaceuticals

Several institutional investors have recently modified their holdings of ABOS. ADAR1 Capital Management LLC acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at about $5,637,000. BlackRock Inc. bought a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $6,649,000. Bank of America Corp DE bought a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $734,000. SG Americas Securities LLC boosted its position in shares of Acumen Pharmaceuticals by 79.3% during the 1st quarter. SG Americas Securities LLC now owns 719,257 shares of the company’s stock valued at $1,697,000 after purchasing an additional 318,210 shares in the last quarter. Finally, Two Sigma Securities LLC acquired a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Acumen Pharmaceuticals Stock Down 3.9%

ABOS stock opened at $1.75 on Monday. Acumen Pharmaceuticals has a 52 week low of $1.50 and a 52 week high of $3.60. The company has a market capitalization of $126.20 million, a price-to-earnings ratio of -1.07 and a beta of 0.33. The firm’s 50-day moving average is $2.60 and its two-hundred day moving average is $2.49. The company has a current ratio of 2.47, a quick ratio of 2.47 and a debt-to-equity ratio of 0.21.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.09). On average, analysts forecast that Acumen Pharmaceuticals will post -1.60 earnings per share for the current fiscal year.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease. The company’s research is based on the amyloid-beta oligomer hypothesis, which holds that soluble forms of amyloid-beta may contribute to the synaptic dysfunction and neurodegeneration associated with the disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target toxic soluble amyloid-beta oligomers while seeking to avoid binding to monomeric amyloid-beta.