Acumen Pharmaceuticals (NASDAQ:ABOS) Receives New Coverage from Analysts at Citigroup

Citigroup assumed coverage on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a research report released on Thursday morning, MarketBeat reports. The firm issued a buy rating and a $7.00 target price on the stock.

Separately, HC Wainwright reissued a buy rating and issued a $15.00 price target on shares of Acumen Pharmaceuticals in a research note on Wednesday, May 15th.

Acumen Pharmaceuticals Trading Up 2.1 %

NASDAQ:ABOS opened at $3.48 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 30.20 and a quick ratio of 30.20. Acumen Pharmaceuticals has a fifty-two week low of $1.81 and a fifty-two week high of $7.62. The stock’s 50-day moving average is $2.78 and its two-hundred day moving average is $3.34. The stock has a market cap of $209.08 million, a PE ratio of -3.28 and a beta of 0.10.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its earnings results on Monday, May 20th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). During the same quarter in the prior year, the firm earned ($0.28) earnings per share. As a group, equities research analysts forecast that Acumen Pharmaceuticals will post -1.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Franklin Resources Inc. raised its stake in shares of Acumen Pharmaceuticals by 18.3% in the fourth quarter. Franklin Resources Inc. now owns 3,358,809 shares of the company’s stock valued at $12,898,000 after purchasing an additional 520,044 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new position in Acumen Pharmaceuticals in the first quarter valued at about $4,449,000. Parkman Healthcare Partners LLC lifted its stake in Acumen Pharmaceuticals by 20.7% in the fourth quarter. Parkman Healthcare Partners LLC now owns 603,497 shares of the company’s stock valued at $2,317,000 after buying an additional 103,683 shares during the period. Bank of New York Mellon Corp acquired a new position in Acumen Pharmaceuticals in the second quarter valued at about $306,000. Finally, Jump Financial LLC lifted its stake in Acumen Pharmaceuticals by 203.8% in the fourth quarter. Jump Financial LLC now owns 103,000 shares of the company’s stock valued at $396,000 after buying an additional 69,100 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Acumen Pharmaceuticals

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.