Bank of America Has Lowered Expectations for Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price

Key Points

• Bank of America has lowered its price target for Acumen Pharmaceuticals from $10.00 to $9.00, while maintaining a "buy" rating, indicating a potential upside of 490.16% from the current price.
• Citigroup has begun coverage of the stock with a "buy" rating and a target price of $4.00, contributing to an average rating of "buy" across four analysts with a consensus target price of $7.00.
• Acumen Pharmaceuticals reported a loss of ($0.68) earnings per share for the last quarter, missing expectations by ($0.14), with analysts predicting an EPS of -1.56 for the current fiscal year.

Acumen Pharmaceuticals (NASDAQ:ABOS - Free Report) had its price objective trimmed by Bank of America from $10.00 to $9.00 in a report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Citigroup assumed coverage on shares of Acumen Pharmaceuticals in a report on Tuesday, June 17th. They issued a "buy" rating and a $4.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $7.00.

Acumen Pharmaceuticals Trading Up 0.4%

Shares of Acumen Pharmaceuticals stock traded up $0.01 during trading hours on Monday, reaching $1.40. 27,353 shares of the company's stock were exchanged, compared to its average volume of 327,706. The company has a current ratio of 5.97, a quick ratio of 5.97 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $84.50 million, a price-to-earnings ratio of -0.61 and a beta of 0.14. The company has a fifty day moving average of $1.36 and a 200-day moving average of $1.22. Acumen Pharmaceuticals has a 52-week low of $0.86 and a 52-week high of $3.36.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.14). Sell-side analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ABOS. Barclays PLC raised its position in shares of Acumen Pharmaceuticals by 50.1% during the fourth quarter. Barclays PLC now owns 93,082 shares of the company's stock valued at $161,000 after buying an additional 31,085 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Acumen Pharmaceuticals by 73.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 98,016 shares of the company's stock valued at $169,000 after buying an additional 41,460 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Acumen Pharmaceuticals by 427.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 20,624 shares of the company's stock valued at $35,000 after buying an additional 16,714 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Acumen Pharmaceuticals in the fourth quarter valued at about $25,000. Finally, Jane Street Group LLC increased its stake in Acumen Pharmaceuticals by 116.1% in the fourth quarter. Jane Street Group LLC now owns 30,740 shares of the company's stock valued at $53,000 after acquiring an additional 221,144 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.

About Acumen Pharmaceuticals

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.