Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Bumped Down to Hold by Stifel Nicolaus

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research note issued on Friday, Briefing.com reports. They presently have a $1.00 target price on the stock. Stifel Nicolaus‘s target price would suggest a potential upside of 223.62% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. Wall Street Zen lowered Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. BTIG Research reiterated a “buy” rating and set a $8.00 price target on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, October 2nd. Finally, Citigroup raised their price objective on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.50.

Acumen Pharmaceuticals Stock Down 86.5%

Acumen Pharmaceuticals stock traded down $1.98 during mid-day trading on Friday, reaching $0.31. The stock had a trading volume of 19,487,558 shares, compared to its average volume of 648,814. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.47 and a current ratio of 1.89. Acumen Pharmaceuticals has a fifty-two week low of $0.30 and a fifty-two week high of $3.60. The stock’s 50-day simple moving average is $2.47 and its 200-day simple moving average is $2.50. The firm has a market capitalization of $22.35 million, a PE ratio of -0.21 and a beta of 0.33.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings results on Monday, October 26th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04. On average, sell-side analysts forecast that Acumen Pharmaceuticals will post -1.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. purchased a new stake in shares of Acumen Pharmaceuticals during the first quarter valued at approximately $27,000. Two Sigma Securities LLC bought a new position in Acumen Pharmaceuticals in the 2nd quarter valued at approximately $32,000. Spark Investment Management LLC bought a new position in Acumen Pharmaceuticals in the 2nd quarter valued at approximately $39,000. OMERS ADMINISTRATION Corp lifted 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 valued at $67,000 after acquiring an additional 6,146 shares in the last quarter. Finally, Rangeley Capital LLC purchased a new stake in Acumen Pharmaceuticals during the 1st quarter valued at $83,000. 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 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.