Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Moved Down to Hold by Lucid Cap Mkts

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by research analysts at Lucid Cap Mkts from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.

A number of other analysts have also issued reports on the company. Wall Street Zen lowered Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. Weiss Ratings downgraded Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. Bank of America lowered Acumen Pharmaceuticals from a “buy” rating to an “underperform” rating and set a $1.00 price target on the stock. in a research report on Monday. Citigroup downgraded 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, October 30th. Finally, Cantor Fitzgerald lowered Acumen Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, October 30th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Acumen Pharmaceuticals has a consensus rating of “Reduce” and a consensus price target of $1.00.

Acumen Pharmaceuticals Stock Down 2.2%

ABOS stock opened at $0.23 on Monday. Acumen Pharmaceuticals has a 52-week low of $0.20 and a 52-week high of $3.60. The company’s 50 day simple moving average is $2.29 and its 200-day simple moving average is $2.48. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.89 and a quick ratio of 1.89. The firm has a market capitalization of $16.95 million, a P/E ratio of -0.15 and a beta of 0.51.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Monday, October 26th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.04. As a group, equities research analysts anticipate that Acumen Pharmaceuticals will post -1.46 EPS for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. OMERS ADMINISTRATION Corp increased its position in Acumen Pharmaceuticals by 27.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company’s stock worth $67,000 after purchasing an additional 6,146 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Acumen Pharmaceuticals during the 1st quarter worth about $27,000. Two Sigma Securities LLC acquired a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $32,000. Spark Investment Management LLC acquired a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $39,000. Finally, Rangeley Capital LLC bought a new stake in shares of Acumen Pharmaceuticals in the 1st quarter valued at approximately $83,000. 71.01% of the stock is owned by institutional investors and hedge funds.

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.