Acumen Pharmaceuticals (NASDAQ:ABOS) Rating Lowered to “Hold” at Lucid Cap Mkts

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by stock analysts at Lucid Cap Mkts from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

A number of other analysts have also recently weighed in on the stock. Citigroup cut shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price objective for the company. in a research note on Friday, October 30th. Weiss Ratings cut Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. Cantor Fitzgerald lowered shares of Acumen Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, October 30th. BTIG Research reduced their target price on shares of Acumen Pharmaceuticals to $1.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Wall Street Zen lowered Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 17th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $1.00.

Acumen Pharmaceuticals Stock Down 2.2%

ABOS stock opened at $0.23 on Monday. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.17. Acumen Pharmaceuticals has a 1 year low of $0.20 and a 1 year high of $3.60. The company has a fifty day simple moving average of $2.29 and a 200 day simple moving average of $2.48. The firm has a market cap of $16.95 million, a PE ratio of -0.15 and a beta of 0.51.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its earnings results on Monday, October 26th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.04. Sell-side analysts anticipate that Acumen Pharmaceuticals will post -1.46 EPS for the current fiscal year.

Institutional Trading of Acumen Pharmaceuticals

Hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Acumen Pharmaceuticals in the second quarter worth $6,649,000. ADAR1 Capital Management LLC bought a new position in shares of Acumen Pharmaceuticals during the second quarter worth about $5,637,000. Bank of America Corp DE acquired a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at approximately $734,000. Bank of New York Mellon Corp acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at $332,000. Finally, Dimensional Fund Advisors LP raised its holdings in Acumen Pharmaceuticals by 144.1% during the first quarter. Dimensional Fund Advisors LP now owns 119,756 shares of the company’s stock worth $282,000 after acquiring an additional 70,694 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease and other neurodegenerative disorders. The company’s research centers on amyloid beta oligomers, toxic protein assemblies that Acumen believes contribute to the development and progression of Alzheimer’s disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target soluble amyloid beta oligomers.