Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Bumped Down to Strong Sell by Wall Street Zen

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently commented on ABOS. Cantor Fitzgerald reiterated an “overweight” rating on shares of Acumen Pharmaceuticals in a research report on Thursday, September 17th. Citigroup lifted their price target on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, October 2nd. Finally, BTIG Research reissued a “buy” rating and issued a $8.00 price objective on shares of Acumen Pharmaceuticals in a research note on Wednesday, September 16th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Acumen Pharmaceuticals Trading Up 1.2%

ABOS opened at $1.69 on Friday. The company’s 50 day moving average is $2.57 and its 200-day moving average is $2.48. Acumen Pharmaceuticals has a 1-year low of $1.50 and a 1-year high of $3.60. The company has a current ratio of 2.47, a quick ratio of 2.47 and a debt-to-equity ratio of 0.21. The company has a market cap of $122.22 million, a P/E ratio of -1.04 and a beta of 0.33.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its earnings results on Wednesday, August 12th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.09). Equities research analysts predict that Acumen Pharmaceuticals will post -1.60 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its stake in shares of Acumen Pharmaceuticals by 248.7% during the 2nd quarter. Squarepoint Ops LLC now owns 52,351 shares of the company’s stock worth $140,000 after purchasing an additional 37,336 shares during the last quarter. Spark Investment Management LLC purchased a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter valued at approximately $39,000. Two Sigma Securities LLC bought a new position in Acumen Pharmaceuticals in the 2nd quarter worth approximately $32,000. Bank of America Corp DE bought a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at $734,000. Finally, ADAR1 Capital Management LLC bought a new position in Acumen Pharmaceuticals in the 2nd quarter worth about $5,637,000. 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. The company’s research is based on the amyloid-beta oligomer hypothesis, which holds that soluble forms of amyloid-beta may contribute to the synaptic dysfunction and neurodegeneration associated with the disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target toxic soluble amyloid-beta oligomers while seeking to avoid binding to monomeric amyloid-beta.