Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Stock Has Average Price Target of $7.00 According to Brokerages

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have received an average recommendation of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $7.00.

A number of analysts have recently commented on the company. BTIG Research restated a “buy” rating and issued a $8.00 target price on shares of Acumen Pharmaceuticals in a research note on Wednesday, September 16th. Wall Street Zen cut Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. Finally, Citigroup upped their price objective on Acumen Pharmaceuticals from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, September 15th.

Acumen Pharmaceuticals Price Performance

NASDAQ:ABOS opened at $1.69 on Monday. Acumen Pharmaceuticals has a one year low of $1.50 and a one year high of $3.60. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.47 and a current ratio of 2.47. The firm has a market cap of $122.22 million, a price-to-earnings ratio of -1.04 and a beta of 0.33. The firm’s fifty day moving average is $2.57 and its two-hundred day moving average is $2.49.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.09). Research analysts expect that Acumen Pharmaceuticals will post -1.60 EPS for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several large investors have recently made changes to their positions in ABOS. BlackRock Inc. purchased a new stake in Acumen Pharmaceuticals during the second quarter worth $6,649,000. ADAR1 Capital Management LLC purchased a new position in Acumen Pharmaceuticals in the second quarter valued at $5,637,000. SG Americas Securities LLC increased its holdings in Acumen Pharmaceuticals by 79.3% in the first quarter. SG Americas Securities LLC now owns 719,257 shares of the company’s stock valued at $1,697,000 after buying an additional 318,210 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Acumen Pharmaceuticals by 12.0% in the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock valued at $1,119,000 after buying an additional 50,846 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Acumen Pharmaceuticals by 33.3% in the first quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock worth $756,000 after acquiring an additional 80,064 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease. The company’s research is based on the amyloid-beta oligomer hypothesis, which holds that soluble forms of amyloid-beta may contribute to the synaptic dysfunction and neurodegeneration associated with the disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target toxic soluble amyloid-beta oligomers while seeking to avoid binding to monomeric amyloid-beta.