Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price 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.

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

Analyst Upgrades and Downgrades

ABOS has been the topic of a number of recent analyst reports. Bank of America lowered their price target on shares of Acumen Pharmaceuticals from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Monday. Citigroup initiated coverage on shares of Acumen Pharmaceuticals in a research note on Tuesday, June 17th. They set a "buy" rating and a $4.00 price target on the stock. Four analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $7.00.

Acumen Pharmaceuticals Stock Down 4.8%

The company has a debt-to-equity ratio of 0.26, a quick ratio of 5.97 and a current ratio of 5.97. The firm's 50-day moving average is $1.36 and its 200 day moving average is $1.22. The firm has a market capitalization of $84.19 million, a PE ratio of -0.61 and a beta of 0.14.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last released 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). As a group, research analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC acquired a new stake in Acumen Pharmaceuticals during the 4th quarter worth approximately $25,000. Tower Research Capital LLC TRC increased its position in Acumen Pharmaceuticals by 427.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 20,624 shares of the company's stock worth $35,000 after purchasing an additional 16,714 shares in the last quarter. Jane Street Group LLC increased its position in Acumen Pharmaceuticals by 116.1% during the 4th quarter. Jane Street Group LLC now owns 30,740 shares of the company's stock worth $53,000 after purchasing an additional 221,144 shares in the last quarter. Marex Group plc acquired a new stake in Acumen Pharmaceuticals during the 2nd quarter worth approximately $39,000. Finally, AQR Capital Management LLC acquired a new stake in Acumen Pharmaceuticals during the 1st quarter worth approximately $46,000. 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.