Acumen Pharmaceuticals (NASDAQ:ABOS) Downgraded to Sell Rating by Wall Street Zen

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other equities research analysts also recently commented on the stock. Bank of America dropped their price objective on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Tuesday, October 14th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Acumen Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.75.

Acumen Pharmaceuticals Trading Up 9.2%

Shares of ABOS opened at $2.14 on Friday. Acumen Pharmaceuticals has a 52-week low of $0.86 and a 52-week high of $2.46. The stock has a market cap of $129.62 million, a PE ratio of -0.96 and a beta of 0.25. The firm’s fifty day moving average is $1.97 and its two-hundred day moving average is $1.55. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29.

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

Institutional Trading of Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. raised its stake in Acumen Pharmaceuticals by 544.1% during the first quarter. Invesco Ltd. now owns 127,798 shares of the company’s stock valued at $141,000 after buying an additional 107,956 shares in the last quarter. Nuveen LLC bought a new stake in shares of Acumen Pharmaceuticals in the 1st quarter valued at approximately $86,000. ADAR1 Capital Management LLC lifted its stake in Acumen Pharmaceuticals by 55.0% during the first quarter. ADAR1 Capital Management LLC now owns 146,183 shares of the company’s stock worth $161,000 after purchasing an additional 51,889 shares during the last quarter. AQR Capital Management LLC acquired a new position in Acumen Pharmaceuticals in the first quarter worth $46,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Acumen Pharmaceuticals during the second quarter valued at $291,000. Hedge funds and other institutional investors 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.