Acumen Pharmaceuticals (NASDAQ:ABOS) Trading Up 4.3% - Still a Buy?

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report)'s share price traded up 4.3% during mid-day trading on Tuesday . The stock traded as high as $1.25 and last traded at $1.21. 377,826 shares were traded during trading, an increase of 34% from the average session volume of 282,947 shares. The stock had previously closed at $1.16.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ABOS shares. UBS Group lowered their price objective on Acumen Pharmaceuticals from $6.00 to $4.00 and set a "buy" rating for the company in a research report on Friday, March 28th. HC Wainwright reduced their price objective on shares of Acumen Pharmaceuticals from $15.00 to $11.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Finally, Citigroup began coverage on shares of Acumen Pharmaceuticals in a research report on Tuesday, June 17th. They issued a "buy" rating and a $4.00 target price on the stock.

Acumen Pharmaceuticals Stock Performance

The company has a market cap of $73.29 million, a PE ratio of -0.62 and a beta of 0.11. The stock has a 50 day simple moving average of $1.10 and a two-hundred day simple moving average of $1.27. The company has a debt-to-equity ratio of 0.19, a current ratio of 8.02 and a quick ratio of 8.02.

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

Hedge Funds Weigh In On Acumen Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Deutsche Bank AG lifted its holdings in shares of Acumen Pharmaceuticals by 468.7% in the 4th quarter. Deutsche Bank AG now owns 96,995 shares of the company's stock valued at $167,000 after buying an additional 79,940 shares during the period. Bank of America Corp DE increased its holdings in shares of Acumen Pharmaceuticals by 7.2% in the 4th quarter. Bank of America Corp DE now owns 148,668 shares of the company's stock valued at $256,000 after purchasing an additional 9,944 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Acumen Pharmaceuticals by 1,387.2% during the fourth 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 in the last quarter. Tower Research Capital LLC TRC increased its holdings in Acumen Pharmaceuticals by 427.5% in the fourth 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. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Acumen Pharmaceuticals by 73.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 98,016 shares of the company's stock worth $169,000 after acquiring an additional 41,460 shares during the period. 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.

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