Acumen Pharmaceuticals (NASDAQ:ABOS) Releases Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Key Points

• Acumen Pharmaceuticals reported a quarterly earnings loss of ($0.68) EPS, falling short of analysts' estimates of ($0.54) EPS by $0.14.
• The stock price of Acumen Pharmaceuticals fell by $0.13 to $1.30 during midday trading, with a market capitalization of $78.44 million.
• Citigroup initiated coverage with a "buy" rating and set a price target of $4.00 for Acumen Pharmaceuticals' stock.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.54) by ($0.14), Zacks reports.

Acumen Pharmaceuticals Price Performance

ABOS stock traded down $0.13 during mid-day trading on Tuesday, hitting $1.30. 395,890 shares of the stock were exchanged, compared to its average volume of 335,000. The stock has a market capitalization of $78.44 million, a price-to-earnings ratio of -0.67 and a beta of 0.14. Acumen Pharmaceuticals has a 12 month low of $0.86 and a 12 month high of $3.36. The business has a fifty day moving average price of $1.30 and a 200 day moving average price of $1.22. The company has a debt-to-equity ratio of 0.19, a current ratio of 8.02 and a quick ratio of 8.02.

Analysts Set New Price Targets

Separately, Citigroup began coverage on shares of Acumen Pharmaceuticals in a research note on Tuesday, June 17th. They issued a "buy" rating and a $4.00 price target on the stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

An institutional investor recently bought a new position in Acumen Pharmaceuticals stock. AQR Capital Management LLC bought a new stake in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,735 shares of the company's stock, valued at approximately $46,000. AQR Capital Management LLC owned 0.07% of Acumen Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors 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.

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