Acumen Pharmaceuticals (NASDAQ:ABOS) Trading 5.8% Higher - Here's What Happened

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)'s share price shot up 5.8% during trading on Wednesday . The company traded as high as $1.60 and last traded at $1.46. 624,149 shares traded hands during mid-day trading, an increase of 12% from the average session volume of 557,972 shares. The stock had previously closed at $1.38.

Analysts Set New Price Targets

Separately, Citigroup initiated coverage on Acumen Pharmaceuticals in a research report on Tuesday, June 17th. They set a "buy" rating and a $4.00 target price for the company.

Acumen Pharmaceuticals Stock Down 3.6%

The business has a 50 day moving average price of $1.25 and a 200 day moving average price of $1.24. 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 stock has a market cap of $81.77 million, a PE ratio of -0.70 and a beta of 0.11.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.56) by $0.08. During the same period last year, the business earned ($0.25) earnings per share. Equities research analysts expect that Acumen Pharmaceuticals, Inc. will post -1.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Y Intercept Hong Kong Ltd acquired a new stake in Acumen Pharmaceuticals in the second quarter valued at about $291,000. AQR Capital Management LLC purchased a new stake in shares of Acumen Pharmaceuticals during the 1st quarter worth $46,000. ADAR1 Capital Management LLC boosted its position in shares of Acumen Pharmaceuticals by 55.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 146,183 shares of the company's stock worth $161,000 after purchasing an additional 51,889 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Acumen Pharmaceuticals during the 1st quarter worth $86,000. Finally, Invesco Ltd. boosted its holdings in Acumen Pharmaceuticals by 544.1% during the first quarter. Invesco Ltd. now owns 127,798 shares of the company's stock worth $141,000 after buying an additional 107,956 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

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.