Acumen Pharmaceuticals (NASDAQ:ABOS) Shares Down 3.5% - Time to Sell?

Key Points

• Shares of Acumen Pharmaceuticals (NASDAQ:ABOS) fell 3.5%, trading between $1.35 and $1.36, with a significant decline in trading volume of 71% from the average.
• Citigroup has initiated coverage on Acumen with a "buy" rating and a price target of $4.00, while the consensus price target among analysts is $6.33.
• Acumen reported a quarterly loss of ($0.68) EPS, missing estimates, and analysts project an annual EPS of ($1.56) for the company.

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report) were down 3.5% during mid-day trading on Thursday . The stock traded as low as $1.35 and last traded at $1.36. Approximately 74,438 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 255,601 shares. The stock had previously closed at $1.41.

Analyst Ratings Changes

Separately, Citigroup assumed coverage on Acumen Pharmaceuticals in a research report on Tuesday, June 17th. They issued a "buy" rating and a $4.00 price objective on the stock. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $6.33.

Acumen Pharmaceuticals Price Performance

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 stock has a market capitalization of $82.38 million, a PE ratio of -0.60 and a beta of 0.14. The firm has a 50 day moving average price of $1.33 and a 200 day moving average price of $1.22.

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

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of ABOS. JPMorgan Chase & Co. boosted its holdings in Acumen Pharmaceuticals by 1,387.2% in the 4th quarter. JPMorgan Chase & Co. now owns 937,908 shares of the company's stock worth $1,613,000 after buying an additional 874,842 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at about $291,000. Jane Street Group LLC lifted its holdings in shares of Acumen Pharmaceuticals by 116.1% in the 4th 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 last quarter. Marshall Wace LLP bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter valued at about $160,000. Finally, Invesco Ltd. lifted its holdings in shares of Acumen Pharmaceuticals by 544.1% in the 1st quarter. Invesco Ltd. now owns 127,798 shares of the company's stock valued at $141,000 after acquiring an additional 107,956 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.

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