Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Moved Down to “Underperform” by Bank of America

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by equities researchers at Bank of America from a “buy” rating to an “underperform” rating in a note issued to investors on Monday, Briefing.com reports. They presently have a $1.00 target price on the stock. Bank of America‘s price objective would suggest a potential upside of 376.19% from the stock’s current price.

Other analysts have also issued research reports about the company. Stifel Nicolaus lowered Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price objective for the company. in a research note on Friday. BTIG Research reaffirmed a “buy” rating on shares of Acumen Pharmaceuticals in a research note on Monday. Citigroup lowered shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price target for the company. in a report on Friday. Wall Street Zen cut shares of Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 17th. Finally, Weiss Ratings lowered shares of Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Acumen Pharmaceuticals currently has a consensus rating of “Reduce” and an average price target of $2.75.

Acumen Pharmaceuticals Price Performance

Shares of Acumen Pharmaceuticals stock opened at $0.21 on Monday. The stock has a market capitalization of $15.19 million, a price-to-earnings ratio of -0.14 and a beta of 0.52. The company has a fifty day moving average of $2.41 and a 200-day moving average of $2.49. Acumen Pharmaceuticals has a 52-week low of $0.21 and a 52-week high of $3.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.89 and a current ratio of 1.89.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted 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. Equities research analysts expect that Acumen Pharmaceuticals will post -1.51 EPS for the current year.

Institutional Trading of Acumen Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter worth about $6,649,000. ADAR1 Capital Management LLC raised its stake in Acumen Pharmaceuticals by 142.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company’s stock worth $5,089,000 after buying an additional 1,265,151 shares in the last quarter. Renaissance Technologies LLC raised its stake in Acumen Pharmaceuticals by 12.0% in the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock worth $1,119,000 after buying an additional 50,846 shares in the last quarter. Bank of America Corp DE raised its stake in 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 buying an additional 80,064 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Acumen Pharmaceuticals in the second quarter worth about $332,000. 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 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.