Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Gets Downgrade from Citigroup

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Friday, Benzinga reports. They currently have a $1.00 price target on the stock. Citigroup‘s price objective indicates a potential upside of 376.19% from the stock’s current price.

A number of other research firms have also commented on ABOS. Cantor Fitzgerald reissued an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, October 2nd. Stifel Nicolaus downgraded shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price target for the company. in a report on Friday. Wall Street Zen downgraded Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 17th. Finally, BTIG Research reissued a “buy” rating and set a $8.00 price target on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.50.

Acumen Pharmaceuticals Trading Down 90.8%

ABOS stock traded down $2.08 during trading on Friday, reaching $0.21. The company had a trading volume of 62,672,399 shares, compared to its average volume of 868,166. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.89 and a quick ratio of 2.47. The company has a market cap of $15.19 million, a P/E ratio of -0.14 and a beta of 0.33. The business has a 50 day moving average of $2.47 and a 200 day moving average of $2.50. Acumen Pharmaceuticals has a 52 week low of $0.21 and a 52 week high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its earnings results on Monday, October 26th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04. As a group, sell-side analysts forecast that Acumen Pharmaceuticals will post -1.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Squarepoint Ops LLC lifted its stake in shares of Acumen Pharmaceuticals by 248.7% in the second quarter. Squarepoint Ops LLC now owns 52,351 shares of the company’s stock worth $140,000 after buying an additional 37,336 shares in the last quarter. Spark Investment Management LLC purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at about $39,000. Two Sigma Securities LLC acquired a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth approximately $32,000. Bank of America Corp DE purchased a new position in shares of Acumen Pharmaceuticals during the second quarter worth $734,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Acumen Pharmaceuticals during the second quarter worth about $5,637,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer’s disease and other neurodegenerative disorders. The company’s research centers on amyloid beta oligomers, toxic protein assemblies that Acumen believes contribute to the development and progression of Alzheimer’s disease.

Acumen’s lead product candidate is sabirnetug, also known as ACU193, an investigational humanized monoclonal antibody designed to selectively target soluble amyloid beta oligomers.