Acumen Pharmaceuticals (NASDAQ:ABOS) Shares Up 5.8% - Here's Why

Key Points

• Acumen Pharmaceuticals' shares rose by 5.8% to $1.46, showing increased trading volume of 624,149 shares amid a positive investor sentiment.
• Citigroup initiated coverage of Acumen with a "buy" rating and a price target of $4.00, indicating confidence in the company's future performance.
• Acumen Pharmaceuticals is focused on developing treatments for Alzheimer's disease, specifically a drug candidate named sabirnetug (ACU193) that targets soluble amyloid-beta oligomers.

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report) shares shot up 5.8% during mid-day trading on Wednesday . The stock traded as high as $1.60 and last traded at $1.46. 624,149 shares changed hands during trading, an increase of 12% from the average session volume of 557,972 shares. The stock had previously closed at $1.38.

Wall Street Analysts Forecast Growth

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

Acumen Pharmaceuticals Stock Performance

The stock has a market cap of $81.77 million, a PE ratio of -0.70 and a beta of 0.14. The company has a quick ratio of 8.02, a current ratio of 8.02 and a debt-to-equity ratio of 0.19. The firm has a 50 day moving average price of $1.25 and a 200 day moving average price of $1.24.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same period in the previous year, the business posted ($0.25) earnings per share. As a group, research analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.56 earnings per share for the current year.

Institutional Trading of Acumen Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new stake in Acumen Pharmaceuticals in the 4th quarter valued at $25,000. Tower Research Capital LLC TRC grew its holdings in Acumen Pharmaceuticals by 427.5% in the 4th 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 in the last quarter. AQR Capital Management LLC purchased a new stake in Acumen Pharmaceuticals in the 1st quarter valued at $46,000. Jane Street Group LLC grew its holdings in 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 buying an additional 221,144 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Acumen Pharmaceuticals in the 1st quarter valued at $86,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.