Acumen Pharmaceuticals (NASDAQ:ABOS) Given "Buy" Rating at BTIG Research

Key Points

• BTIG Research reaffirmed its “Buy” rating on Acumen Pharmaceuticals and set an $8.00 price target, implying approximately 188% upside from the stock’s $2.77 price.
• Analyst sentiment is mixed but leans positive: three analysts rate the stock “Buy” and one rates it “Sell,” resulting in a “Moderate Buy” consensus and an average price target of $7.00.
• Acumen shares fell 4% to $2.77, while the company reported a quarterly loss of $0.45 per share, missing the $0.36 consensus estimate. Institutional investors own approximately 71% of the company.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report)'s stock had its "buy" rating reissued by analysts at BTIG Research in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $8.00 price target on the stock. BTIG Research's price objective suggests a potential upside of 188.29% from the stock's current price.

A number of other equities analysts have also recently commented on ABOS. Weiss Ratings restated a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a report on Monday, July 6th. Citigroup increased their price target on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Wall Street Zen lowered shares of Acumen Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $7.00.

Acumen Pharmaceuticals Trading Down 4.0%

NASDAQ:ABOS traded down $0.12 on Wednesday, reaching $2.77. The company's stock had a trading volume of 152,256 shares, compared to its average volume of 565,377. Acumen Pharmaceuticals has a 12-month low of $1.22 and a 12-month high of $3.60. The stock has a 50 day moving average price of $2.63 and a 200 day moving average price of $2.62. The firm has a market cap of $200.69 million, a price-to-earnings ratio of -1.71 and a beta of 0.37. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.21.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.09). On average, equities analysts anticipate that Acumen Pharmaceuticals will post -1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Acumen Pharmaceuticals during the second quarter worth approximately $6,649,000. ADAR1 Capital Management LLC purchased a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at about $5,637,000. SG Americas Securities LLC boosted its holdings in Acumen Pharmaceuticals by 79.3% in the 1st quarter. SG Americas Securities LLC now owns 719,257 shares of the company's stock valued at $1,697,000 after purchasing an additional 318,210 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Acumen Pharmaceuticals by 12.0% in the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company's stock valued at $1,119,000 after purchasing an additional 50,846 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Acumen Pharmaceuticals by 33.3% during the 1st quarter. Bank of America Corp DE now owns 320,216 shares of the company's stock valued at $756,000 after acquiring an additional 80,064 shares during the period. Hedge funds and other institutional investors own 71.01% of the company's stock.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc NASDAQ: ABOS is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer's disease. The company's research is centered on amyloid-beta oligomers, toxic protein assemblies that Acumen believes play a key role in the development and progression of neurodegenerative disease.

Acumen's lead product candidate is sabirnetug, formerly known as ACU193, an investigational monoclonal antibody designed to selectively target amyloid-beta oligomers while avoiding much of the amyloid plaque targeted by some other Alzheimer's therapies.

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