Acumen Pharmaceuticals (NASDAQ:ABOS) Given New $8.00 Price Target at Bank of America

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price objective trimmed by Bank of America from $9.00 to $8.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

ABOS has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Tuesday, October 14th. Wall Street Zen raised Acumen Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Saturday. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Acumen Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $6.75.

Acumen Pharmaceuticals Price Performance

Shares of Acumen Pharmaceuticals stock opened at $1.66 on Tuesday. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $2.47. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29. The company has a 50-day simple moving average of $1.81 and a two-hundred day simple moving average of $1.45. The stock has a market capitalization of $100.55 million, a price-to-earnings ratio of -0.75 and a beta of 0.23.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its earnings results on Wednesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.19. Analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. bought a new position in shares of Acumen Pharmaceuticals in the 3rd quarter valued at $27,000. Marex Group plc bought a new position in Acumen Pharmaceuticals in the second quarter valued at about $39,000. AQR Capital Management LLC bought a new position in Acumen Pharmaceuticals in the first quarter valued at about $46,000. Qube Research & Technologies Ltd raised its stake in Acumen Pharmaceuticals by 160.0% during the second quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock worth $67,000 after acquiring an additional 35,424 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Acumen Pharmaceuticals in the first quarter worth about $86,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer’s disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.