Acumen Pharmaceuticals (NASDAQ:ABOS) Shares Up 4.4% - Should You Buy?

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report)'s stock price shot up 4.4% during mid-day trading on Monday . The stock traded as high as $2.20 and last traded at $2.12. 202,075 shares traded hands during trading, a decline of 63% from the average session volume of 552,807 shares. The stock had previously closed at $2.03.

Analyst Upgrades and Downgrades

ABOS has been the topic of a number of recent research reports. Bank of America lowered their target price on Acumen Pharmaceuticals from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Monday, August 25th. Weiss Ratings reissued a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a research note on Tuesday, October 14th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $7.00.

Acumen Pharmaceuticals Price Performance

The company's 50-day simple moving average is $1.56 and its 200 day simple moving average is $1.31. The company has a quick ratio of 5.97, a current ratio of 5.97 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $128.41 million, a price-to-earnings ratio of -0.93 and a beta of 0.20.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last released 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). Equities research analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.56 EPS for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Marex Group plc acquired a new stake in shares of Acumen Pharmaceuticals in the second quarter worth $39,000. AQR Capital Management LLC bought a new stake in shares of Acumen Pharmaceuticals during the 1st quarter worth $46,000. Qube Research & Technologies Ltd grew its stake in Acumen Pharmaceuticals by 160.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company's stock valued at $67,000 after buying an additional 35,424 shares during the last quarter. Nuveen LLC bought a new position in Acumen Pharmaceuticals in the 1st quarter worth $86,000. Finally, Invesco Ltd. raised its holdings in Acumen Pharmaceuticals by 544.1% in the 1st quarter. Invesco Ltd. now owns 127,798 shares of the company's stock worth $141,000 after acquiring an additional 107,956 shares during the period. Institutional investors own 71.01% of the company's stock.

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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