Acumen Pharmaceuticals (NASDAQ:ABOS) Given New $5.00 Price Target at Citigroup

Key Points

• Citigroup raised Acumen Pharmaceuticals’ price target from $4.00 to $5.00 and maintained a “buy” rating, implying approximately 79.5% upside from the stock’s $2.79 price.
• Analyst sentiment is mixed but leans positive: three analysts rate ABOS a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $7.00.
• Acumen reported a quarterly loss of $0.45 per share, missing the $0.36 consensus estimate. The clinical-stage biotechnology company is developing sabirnetug, an investigational treatment targeting amyloid-beta oligomers in Alzheimer’s disease.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) had its price objective increased by research analysts at Citigroup from $4.00 to $5.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's target price indicates a potential upside of 79.53% from the company's current price.

ABOS has been the topic of several other research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a research note on Monday, July 6th. Wall Street Zen lowered Acumen Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Acumen Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $7.00.

Acumen Pharmaceuticals Trading Down 0.2%

NASDAQ:ABOS traded down $0.01 during mid-day trading on Tuesday, reaching $2.79. 182,190 shares of the company's stock traded hands, compared to its average volume of 566,954. The company has a 50 day moving average price of $2.62 and a 200-day moving average price of $2.62. The firm has a market capitalization of $201.40 million, a price-to-earnings ratio of -1.71 and a beta of 0.37. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.47 and a quick ratio of 2.47. Acumen Pharmaceuticals has a 12-month low of $1.21 and a 12-month high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). On average, sell-side analysts predict that Acumen Pharmaceuticals will post -1.6 earnings per share for the current year.

Insider Activity at Acumen Pharmaceuticals

In related news, Director Derrell Porter sold 13,040 shares of Acumen Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $2.33, for a total value of $30,383.20. Following the completion of the sale, the director directly owned 35,500 shares in the company, valued at approximately $82,715. This trade represents a 26.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.20% of the stock is owned by company insiders.

Institutional Trading of Acumen Pharmaceuticals

A number of large investors have recently made changes to their positions in ABOS. OMERS ADMINISTRATION Corp boosted its holdings in Acumen Pharmaceuticals by 27.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company's stock worth $67,000 after purchasing an additional 6,146 shares during the last quarter. Sei Investments Co. purchased a new position in shares of Acumen Pharmaceuticals in the 1st quarter worth $27,000. Two Sigma Securities LLC bought a new stake in shares of Acumen Pharmaceuticals in the second quarter worth $32,000. Spark Investment Management LLC bought a new stake in shares of Acumen Pharmaceuticals in the second quarter worth $39,000. Finally, Independent Advisor Alliance purchased a new stake in Acumen Pharmaceuticals during the fourth quarter valued at $40,000. 71.01% of the stock is currently owned by institutional investors.

About Acumen Pharmaceuticals

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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