Acumen Pharmaceuticals (NASDAQ:ABOS) Cut to Underperform at Bank of America

Bank of America downgraded shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a buy rating to an underperform rating in a research note issued to investors on Monday morning, Marketbeat reports. Bank of America currently has $1.00 target price on the stock.

ABOS has been the topic of a number of other reports. BTIG Research lowered their price target on shares of Acumen Pharmaceuticals to $1.00 and set a “buy” rating on the stock in a report on Monday. Weiss Ratings lowered shares of Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 30th. Stifel Nicolaus cut shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 target price on the stock. in a research note on Friday, October 30th. Cantor Fitzgerald cut shares of Acumen Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research note on Friday, October 30th. Finally, Wall Street Zen downgraded shares of Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. One investment 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. According to data from MarketBeat, Acumen Pharmaceuticals currently has an average rating of “Reduce” and a consensus target price of $1.00.

Acumen Pharmaceuticals Stock Down 7.7%

ABOS opened at $0.22 on Monday. The company has a 50 day moving average of $2.23 and a 200 day moving average of $2.47. The company has a market cap of $15.64 million, a PE ratio of -0.14 and a beta of 0.51. Acumen Pharmaceuticals has a 12 month low of $0.20 and a 12 month high of $3.60. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.17.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Monday, October 26th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04. On average, sell-side analysts expect that Acumen Pharmaceuticals will post -1.46 EPS for the current year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of ABOS. BlackRock Inc. bought a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter worth $6,649,000. ADAR1 Capital Management LLC grew its position 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 acquiring an additional 1,265,151 shares in the last quarter. Renaissance Technologies LLC increased 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 valued at $1,119,000 after acquiring an additional 50,846 shares during the last quarter. Bank of America Corp DE increased 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 valued at $756,000 after acquiring an additional 80,064 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Acumen Pharmaceuticals during the second quarter valued at about $332,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

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.