Short Interest in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Increases By 46.4%

Key Points

• Short interest rose 46.4% in April to 1,545,029 shares (about 2.4% of shares outstanding), leaving a short-interest ratio of roughly 3.1 days based on average daily volume.
• Institutional investors own a large portion of the stock (about 71.01%), and several hedge funds (e.g., Dimensional Fund Advisors, Geode) recently increased their positions.
• Analysts are mixed but optimistic on average: the stock has a consensus rating of "Moderate Buy" with a consensus price target of $6.67, versus a recent share price near $2.52.

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 1,545,029 shares, a growth of 46.4% from the March 31st total of 1,055,415 shares. Approximately 2.4% of the shares of the stock are sold short. Based on an average daily volume of 501,254 shares, the short-interest ratio is currently 3.1 days.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in ABOS. Dimensional Fund Advisors LP raised its position in shares of Acumen Pharmaceuticals by 12.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 49,062 shares of the company's stock worth $104,000 after purchasing an additional 5,538 shares during the period. PFG Investments LLC raised its position in shares of Acumen Pharmaceuticals by 65.2% during the fourth quarter. PFG Investments LLC now owns 19,000 shares of the company's stock worth $40,000 after purchasing an additional 7,500 shares during the period. Geode Capital Management LLC raised its position in shares of Acumen Pharmaceuticals by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 410,206 shares of the company's stock worth $866,000 after purchasing an additional 11,428 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Acumen Pharmaceuticals during the third quarter worth about $27,000. Finally, Independent Advisor Alliance acquired a new stake in shares of Acumen Pharmaceuticals during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Acumen Pharmaceuticals Trading Down 1.9%

NASDAQ:ABOS opened at $2.52 on Tuesday. Acumen Pharmaceuticals has a 1-year low of $0.96 and a 1-year high of $3.60. The business's 50-day moving average price is $2.80 and its two-hundred day moving average price is $2.33. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $181.97 million, a price-to-earnings ratio of -1.25 and a beta of 0.33.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last released its earnings results on Thursday, March 26th. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.09. The company had revenue of ($0.09) million during the quarter. On average, equities analysts expect that Acumen Pharmaceuticals will post -1.48 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on ABOS shares. Weiss Ratings restated a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a report on Wednesday, April 8th. BTIG Research restated a "buy" rating and set a $8.00 target price on shares of Acumen Pharmaceuticals in a report on Thursday, March 26th. Finally, Wall Street Zen upgraded Acumen Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Sunday, March 29th. Three equities research 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 stock presently has an average rating of "Moderate Buy" and a consensus price target of $6.67.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral small molecule therapies for neurodegenerative diseases. Leveraging a proprietary drug discovery platform that integrates chemoproteomics, high-throughput screening and computational chemistry, the company seeks to identify and optimize compounds that selectively modulate pathological protein aggregation. Its approach is designed to address the underlying biology of conditions such as Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis and related proteinopathies.

The company's pipeline comprises multiple lead candidates at various stages of preclinical and early clinical development.

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