Acumen Pharmaceuticals (NASDAQ:ABOS) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a sell rating to a strong sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other analysts have also issued reports on the stock. BTIG Research restated a “buy” rating and set a $8.00 target price on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Citigroup upped their target price on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, October 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Acumen Pharmaceuticals in a research note on Thursday, September 17th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Acumen Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Acumen Pharmaceuticals Trading Up 4.7%

Acumen Pharmaceuticals stock opened at $1.77 on Friday. The business has a 50-day simple moving average of $2.56 and a two-hundred day simple moving average of $2.48. The company has a market cap of $128.01 million, a P/E ratio of -1.09 and a beta of 0.33. Acumen Pharmaceuticals has a 52-week low of $1.50 and a 52-week high of $3.60. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.21.

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

Institutional Trading of Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Acumen Pharmaceuticals in the second quarter worth about $6,649,000. ADAR1 Capital Management LLC purchased a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $5,637,000. SG Americas Securities LLC lifted its position in shares of Acumen Pharmaceuticals by 79.3% during the 1st 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 lifted its position in shares of Acumen Pharmaceuticals by 12.0% during the 1st 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 grew its stake in shares of Acumen Pharmaceuticals by 33.3% during the 1st quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock valued at $756,000 after acquiring an additional 80,064 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.