Short Interest in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Expands By 35.6%

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report) was the target of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 2,550,000 shares, a growth of 35.6% from the May 15th total of 1,880,000 shares. Currently, 5.8% of the shares of the company are short sold. Based on an average daily trading volume, of 233,000 shares, the short-interest ratio is presently 10.9 days.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several large investors have recently modified their holdings of the business. AQR Capital Management LLC acquired a new position in Acumen Pharmaceuticals during the 1st quarter worth about $46,000. ADAR1 Capital Management LLC raised its holdings in Acumen Pharmaceuticals by 55.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 146,183 shares of the company's stock worth $161,000 after purchasing an additional 51,889 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Acumen Pharmaceuticals during the first quarter worth $86,000. Invesco Ltd. increased its position in shares of Acumen Pharmaceuticals by 544.1% during the first quarter. Invesco Ltd. now owns 127,798 shares of the company's stock worth $141,000 after buying an additional 107,956 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Acumen Pharmaceuticals by 6.4% during the fourth quarter. Two Sigma Advisers LP now owns 499,100 shares of the company's stock worth $858,000 after buying an additional 30,000 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Acumen Pharmaceuticals Price Performance

ABOS stock traded down $0.02 during midday trading on Friday, reaching $1.20. The company had a trading volume of 382,916 shares, compared to its average volume of 262,313. The company has a quick ratio of 8.02, a current ratio of 8.02 and a debt-to-equity ratio of 0.19. Acumen Pharmaceuticals has a 1-year low of $0.86 and a 1-year high of $3.60. The stock has a 50 day moving average price of $1.06 and a 200-day moving average price of $1.36.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same quarter in the prior year, the business earned ($0.25) EPS. Equities research analysts anticipate that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. HC Wainwright cut their price objective on shares of Acumen Pharmaceuticals from $15.00 to $11.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Citigroup started coverage on Acumen Pharmaceuticals in a report on Tuesday. They set a "buy" rating and a $4.00 price target for the company. Finally, UBS Group reduced their price target on Acumen Pharmaceuticals from $6.00 to $4.00 and set a "buy" rating for the company in a research note on Friday, March 28th.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.