Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Dropped to Strong Sell by Cantor Fitzgerald

Cantor Fitzgerald cut shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a strong-buy rating to a strong sell rating in a report released on Friday,Zacks reports.

ABOS has been the subject of a number of other reports. Weiss Ratings cut Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Wall Street Zen lowered Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 17th. Citigroup lowered Acumen Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $1.00 target price on the stock. in a research note on Friday. BTIG Research restated a “buy” rating and set a $8.00 target price on shares of Acumen Pharmaceuticals in a report on Wednesday, September 16th. Finally, Stifel Nicolaus cut Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 target price for the company. in a report on Friday. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $4.50.

Acumen Pharmaceuticals Stock Down 90.8%

Acumen Pharmaceuticals stock opened at $0.21 on Friday. Acumen Pharmaceuticals has a fifty-two week low of $0.21 and a fifty-two week high of $3.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.47 and a current ratio of 1.89. The firm has a 50 day moving average price of $2.41 and a 200 day moving average price of $2.49. The company has a market capitalization of $15.19 million, a PE ratio of -0.14 and a beta of 0.33.

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

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several large investors have recently added to or reduced their stakes in ABOS. BlackRock Inc. acquired a new position in shares of Acumen Pharmaceuticals in the second quarter worth $6,649,000. ADAR1 Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at $5,637,000. Bank of America Corp DE acquired a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at $734,000. Bank of New York Mellon Corp acquired a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at $332,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Acumen Pharmaceuticals by 144.1% in the first quarter. Dimensional Fund Advisors LP now owns 119,756 shares of the company’s stock valued at $282,000 after acquiring an additional 70,694 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Acumen Pharmaceuticals Company Profile

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.