Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Rating Cut to Hold at Lucid Cap Mkts

Lucid Cap Mkts cut shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a strong-buy rating to a hold rating in a report published on Monday,Zacks reports.

Other analysts have also recently issued reports about the company. Weiss Ratings cut Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Wall Street Zen lowered shares of Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 17th. BTIG Research reduced their price target on shares of Acumen Pharmaceuticals to $1.00 and set a “buy” rating for the company in a report on Monday. Stifel Nicolaus lowered Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 target price on the stock. in a research report on Friday, October 30th. Finally, Cantor Fitzgerald cut Acumen Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a report on Friday, October 30th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Acumen Pharmaceuticals has a consensus rating of “Reduce” and a consensus target price of $1.00.

Acumen Pharmaceuticals Price Performance

Shares of ABOS stock opened at $0.23 on Monday. Acumen Pharmaceuticals has a 12-month low of $0.20 and a 12-month high of $3.60. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $16.95 million, a price-to-earnings ratio of -0.15 and a beta of 0.51. The firm has a fifty day moving average of $2.29 and a 200-day moving average of $2.48.

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

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of large investors have recently made changes to their positions in ABOS. BlackRock Inc. acquired a new stake in Acumen Pharmaceuticals during the second quarter worth approximately $6,649,000. ADAR1 Capital Management LLC acquired a new position in Acumen Pharmaceuticals in the 2nd quarter valued at $5,637,000. Renaissance Technologies LLC lifted its position in shares of Acumen Pharmaceuticals by 12.0% during the 1st 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 period. Bank of America Corp DE grew its holdings in shares of Acumen Pharmaceuticals by 33.3% during the 1st quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock worth $756,000 after purchasing an additional 80,064 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter worth $332,000. 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.