Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Receives $6.75 Average Target Price from Analysts

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has been given a consensus rating of “Moderate Buy” by the five ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $6.75.

A number of equities research analysts have commented on ABOS shares. Wall Street Zen raised shares of Acumen Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Saturday, November 15th. Bank of America cut their target price on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Tuesday, October 14th.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS opened at $1.70 on Friday. The firm has a market cap of $102.97 million, a price-to-earnings ratio of -0.77 and a beta of 0.23. The company has a current ratio of 6.02, a quick ratio of 6.02 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $1.83 and a 200 day simple moving average of $1.47. Acumen Pharmaceuticals has a 1 year low of $0.86 and a 1 year high of $2.47.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.19. As a group, sell-side analysts predict that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Hudson Bay Capital Management LP increased its stake in Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after acquiring an additional 55,004 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Acumen Pharmaceuticals in the 3rd quarter valued at $691,000. Y Intercept Hong Kong Ltd bought a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at about $291,000. Susquehanna International Group LLP raised its holdings in Acumen Pharmaceuticals by 26.5% during the third quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock worth $367,000 after buying an additional 44,902 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Acumen Pharmaceuticals by 45.4% during the 3rd quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock valued at $365,000 after purchasing an additional 66,720 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

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.