Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Stock Has Average Price Target of $7.00 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Five firms rate Acumen Pharmaceuticals “Moderate Buy,” with four buys and one sell. The average 12-month price target is $7.00, compared with the stock’s opening price of $2.14.
• Recent financial results fell short of expectations: Acumen reported a quarterly loss of $0.45 per share, missing the consensus estimate of a $0.36 loss. Analysts expect a full-year loss of approximately $1.60 per share.
• Acumen remains a clinical-stage Alzheimer’s biotech: Its lead candidate, sabirnetug (ACU193), is designed to target toxic soluble amyloid-beta oligomers. Institutional investors and hedge funds own approximately 71% of the company’s shares.

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report) have received an average recommendation of "Moderate Buy" from the five ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $7.00.

Several analysts have recently weighed in on the company. Citigroup lifted their price objective on Acumen Pharmaceuticals from $4.00 to $5.00 and gave the stock a "buy" rating in a report on Tuesday, September 15th. Wall Street Zen lowered Acumen Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a research report on Friday, October 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Acumen Pharmaceuticals in a research report on Thursday, September 17th. Finally, BTIG Research reiterated a "buy" rating and set a $8.00 price target on shares of Acumen Pharmaceuticals in a research note on Wednesday, September 16th.

Acumen Pharmaceuticals Price Performance

ABOS stock opened at $2.14 on Monday. Acumen Pharmaceuticals has a twelve month low of $1.50 and a twelve month high of $3.60. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.21. The company has a market cap of $154.76 million, a PE ratio of -1.31 and a beta of 0.33. The business's 50-day simple moving average is $2.62 and its 200 day simple moving average is $2.51.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.09). On average, research analysts anticipate that Acumen Pharmaceuticals will post -1.60 earnings per share for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently made changes to their positions in ABOS. Sei Investments Co. acquired a new stake in shares of Acumen Pharmaceuticals during the 1st quarter valued at about $27,000. Two Sigma Securities LLC bought a new stake in Acumen Pharmaceuticals in the second quarter valued at about $32,000. Spark Investment Management LLC bought a new stake in Acumen Pharmaceuticals in the second quarter valued at about $39,000. OMERS ADMINISTRATION Corp increased its stake in Acumen Pharmaceuticals by 27.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company's stock valued at $67,000 after acquiring an additional 6,146 shares during the period. Finally, Rangeley Capital LLC acquired a new position in Acumen Pharmaceuticals in the first quarter worth about $83,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer's disease. The company's research is based on the amyloid-beta oligomer hypothesis, which holds that soluble forms of amyloid-beta may contribute to the synaptic dysfunction and neurodegeneration associated with the disease.

Acumen's lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target toxic soluble amyloid-beta oligomers while seeking to avoid binding to monomeric amyloid-beta.

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