Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Sees Large Increase in Short Interest

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 1,870,000 shares, a growth of 12.7% from the July 15th total of 1,660,000 shares. Approximately 4.2% of the shares of the company are short sold. Based on an average daily volume of 428,400 shares, the short-interest ratio is presently 4.4 days.

Acumen Pharmaceuticals Stock Performance

Shares of ABOS opened at $2.57 on Friday. Acumen Pharmaceuticals has a one year low of $1.81 and a one year high of $6.78. The company has a 50-day moving average of $2.70 and a two-hundred day moving average of $3.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 30.20 and a quick ratio of 30.20. The stock has a market cap of $154.41 million, a price-to-earnings ratio of -2.42 and a beta of 0.11.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.06). During the same quarter last year, the firm posted ($0.28) earnings per share. On average, equities research analysts expect that Acumen Pharmaceuticals will post -1.13 earnings per share for the current year.

Wall Street Analyst Weigh In

ABOS has been the topic of several recent research reports. UBS Group cut their price target on Acumen Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $15.00 price objective on shares of Acumen Pharmaceuticals in a research report on Wednesday. Finally, Citigroup upgraded shares of Acumen Pharmaceuticals to a “strong-buy” rating in a research report on Friday, July 26th.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Gladius Capital Management LP acquired a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $26,000. SG Americas Securities LLC acquired a new stake in shares of Acumen Pharmaceuticals in the first quarter worth $52,000. Chicago Partners Investment Group LLC boosted its holdings in shares of Acumen Pharmaceuticals by 34.9% during the 4th quarter. Chicago Partners Investment Group LLC now owns 18,315 shares of the company’s stock worth $70,000 after buying an additional 4,736 shares during the period. American Century Companies Inc. raised its holdings in Acumen Pharmaceuticals by 31.3% in the 2nd quarter. American Century Companies Inc. now owns 45,444 shares of the company’s stock worth $110,000 after acquiring an additional 10,840 shares during the period. Finally, Rhumbline Advisers acquired a new position in Acumen Pharmaceuticals during the 2nd quarter worth $127,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.