Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Stock Now Rated “Reduce” by Wall Street Analysts

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has received an average rating of “Reduce” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $1.00.

Several brokerages have commented on ABOS. Bank of America cut shares of Acumen Pharmaceuticals from a “buy” rating to an “underperform” rating and set a $1.00 target price for the company. in a report on Monday, November 2nd. Weiss Ratings downgraded shares of Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 30th. Lucid Cap Mkts lowered shares of Acumen Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, November 2nd. BTIG Research reduced their price target on shares of Acumen Pharmaceuticals to $1.00 and set a “buy” rating for the company in a research report on Monday, November 2nd. Finally, Stifel Nicolaus downgraded shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price target for the company. in a research report on Friday, October 30th.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS opened at $0.23 on Friday. The company has a market capitalization of $16.64 million, a PE ratio of -0.15 and a beta of 0.51. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.89 and a current ratio of 1.89. The stock has a fifty day moving average of $2.02 and a 200-day moving average of $2.44. Acumen Pharmaceuticals has a one year low of $0.19 and a one year high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its earnings results on Monday, October 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.04. As a group, equities analysts anticipate that Acumen Pharmaceuticals will post -1.50 EPS for the current fiscal year.

Institutional Trading of Acumen Pharmaceuticals

Several large investors have recently added to or reduced their stakes in ABOS. Squarepoint Ops LLC raised its position in Acumen Pharmaceuticals by 248.7% during the second quarter. Squarepoint Ops LLC now owns 52,351 shares of the company’s stock valued at $140,000 after buying an additional 37,336 shares during the period. Spark Investment Management LLC purchased a new position in Acumen Pharmaceuticals during the 2nd quarter valued at about $39,000. Two Sigma Securities LLC purchased a new position in Acumen Pharmaceuticals during the 2nd quarter valued at about $32,000. Bank of America Corp DE purchased a new position in Acumen Pharmaceuticals during the 2nd quarter valued at about $734,000. Finally, ADAR1 Capital Management LLC purchased a new position in Acumen Pharmaceuticals during the 2nd quarter valued at about $5,637,000. 71.01% of the stock is owned by institutional investors and hedge funds.

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.