Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Rating Lowered by Wall Street Zen

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued on Saturday, Wall Street Zen reports.

ABOS has been the topic of several other research reports. BTIG Research reiterated a “buy” rating and issued a $8.00 target price on shares of Acumen Pharmaceuticals in a research note on Wednesday, September 16th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Acumen Pharmaceuticals in a research report on Thursday, September 17th. Citigroup upped their price target on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, October 2nd. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Acumen Pharmaceuticals Stock Up 1.2%

Shares of NASDAQ:ABOS opened at $1.69 on Friday. The stock’s 50-day moving average price is $2.57 and its 200-day moving average price is $2.48. Acumen Pharmaceuticals has a 12-month low of $1.50 and a 12-month high of $3.60. The company has a current ratio of 2.47, a quick ratio of 2.47 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $122.22 million, a P/E ratio of -1.04 and a beta of 0.33.

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

Institutional Trading of Acumen Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in ABOS. BlackRock Inc. purchased a new position in Acumen Pharmaceuticals during the second quarter valued at approximately $6,649,000. ADAR1 Capital Management LLC raised 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 valued at $5,089,000 after buying an additional 1,265,151 shares during the last quarter. SG Americas Securities LLC grew its holdings 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 valued at $1,697,000 after buying an additional 318,210 shares during the last quarter. Renaissance Technologies LLC boosted its position in Acumen Pharmaceuticals by 12.0% in the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock valued at $1,119,000 after buying an additional 50,846 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Acumen Pharmaceuticals by 33.3% in the first quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock valued at $756,000 after purchasing an additional 80,064 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Acumen Pharmaceuticals Company Profile

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.