Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Stock Has Consensus Target Price of $1.00

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has been given an average recommendation of “Reduce” by the seven brokerages that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $1.00.

A number of brokerages have recently issued reports on ABOS. Cantor Fitzgerald lowered Acumen Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, October 30th. Weiss Ratings lowered shares of Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 30th. Wall Street Zen lowered shares of Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. Lucid Cap Mkts cut shares of Acumen Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Bank of America downgraded shares of Acumen Pharmaceuticals from a “buy” rating to an “underperform” rating and set a $1.00 price objective on the stock. in a report on Monday.

Acumen Pharmaceuticals Stock Performance

Shares of ABOS stock opened at $0.21 on Friday. 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 12-month low of $0.19 and a 12-month high of $3.60. The business’s 50 day moving average is $2.18 and its two-hundred day moving average is $2.46. The company has a market capitalization of $15.46 million, a P/E ratio of -0.14 and a beta of 0.51.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its quarterly earnings data on Monday, October 26th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04. Analysts expect that Acumen Pharmaceuticals will post -1.46 EPS for the current fiscal year.

Institutional Trading of Acumen Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ABOS. Squarepoint Ops LLC raised its position in shares of Acumen Pharmaceuticals by 248.7% during the 2nd quarter. Squarepoint Ops LLC now owns 52,351 shares of the company’s stock worth $140,000 after purchasing an additional 37,336 shares during the last quarter. Spark Investment Management LLC acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter worth about $39,000. Two Sigma Securities LLC acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter worth about $32,000. Bank of America Corp DE acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter worth about $734,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Acumen Pharmaceuticals during the 2nd quarter worth approximately $5,637,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.