Acumen Pharmaceuticals (NASDAQ:ABOS) Downgraded by Citigroup to “Neutral”

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a report issued on Friday, Benzinga reports. They presently have a $1.00 price target on the stock. Citigroup‘s target price suggests a potential upside of 376.19% from the stock’s previous close.

A number of other research firms have also recently issued reports on ABOS. BTIG Research reissued a “buy” rating and issued a $8.00 target price on shares of Acumen Pharmaceuticals in a research note on Wednesday, September 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, October 2nd. Stifel Nicolaus lowered Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 target price on the stock. in a report on Friday. Cantor Fitzgerald restated an “overweight” rating on shares of Acumen Pharmaceuticals in a research report on Thursday, September 17th. Finally, Wall Street Zen lowered shares of Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 17th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Acumen Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $4.50.

Acumen Pharmaceuticals Trading Down 90.8%

NASDAQ:ABOS traded down $2.08 during trading hours on Friday, hitting $0.21. 62,672,399 shares of the stock were exchanged, compared to its average volume of 868,166. The company’s 50 day moving average is $2.47 and its two-hundred day moving average is $2.50. The company has a market capitalization of $15.19 million, a P/E ratio of -0.14 and a beta of 0.33. Acumen Pharmaceuticals has a twelve month low of $0.21 and a twelve month high of $3.60. The company has a quick ratio of 2.47, a current ratio of 1.89 and a debt-to-equity ratio of 0.17.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Monday, October 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.04. On average, sell-side analysts anticipate that Acumen Pharmaceuticals will post -1.51 earnings per share for the current fiscal year.

Institutional Trading of Acumen Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC boosted its stake in shares of Acumen Pharmaceuticals by 248.7% in the 2nd quarter. Squarepoint Ops LLC now owns 52,351 shares of the company’s stock worth $140,000 after buying an additional 37,336 shares during the last quarter. Spark Investment Management LLC bought a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at $39,000. Two Sigma Securities LLC bought a new stake in shares of Acumen Pharmaceuticals during the second quarter valued at about $32,000. Bank of America Corp DE purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter worth approximately $734,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter valued at about $5,637,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease and other neurodegenerative disorders. The company’s research centers on amyloid beta oligomers, toxic protein assemblies that Acumen believes contribute to the development and progression of Alzheimer’s disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target soluble amyloid beta oligomers.