Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Dropped to “Underperform” by Bank of America

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Monday, Briefing.com reports. They currently have a $1.00 target price on the stock. Bank of America‘s target price indicates a potential upside of 376.19% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Weiss Ratings cut Acumen Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. Wall Street Zen downgraded Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 17th. Citigroup downgraded shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 target price on the stock. in a report on Friday. Stifel Nicolaus cut shares of Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price target on the stock. in a research note on Friday. Finally, Cantor Fitzgerald cut shares of Acumen Pharmaceuticals from a “strong-buy” rating to a “strong sell” rating in a research note on Friday. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Acumen Pharmaceuticals presently has a consensus rating of “Reduce” and a consensus price target of $2.75.

Acumen Pharmaceuticals Price Performance

NASDAQ ABOS opened at $0.21 on Monday. The company has a 50-day moving average price of $2.41 and a 200-day moving average price of $2.49. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $15.19 million, a P/E ratio of -0.14 and a beta of 0.52. Acumen Pharmaceuticals has a 52 week low of $0.21 and a 52 week high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings results on Monday, October 26th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.04. Equities research analysts anticipate that Acumen Pharmaceuticals will post -1.51 earnings per share for the current year.

Institutional Trading of Acumen Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. OMERS ADMINISTRATION Corp grew its position 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 acquiring an additional 6,146 shares in the last quarter. Sei Investments Co. purchased a new stake in Acumen Pharmaceuticals during the first quarter valued at approximately $27,000. Two Sigma Securities LLC purchased a new position in Acumen Pharmaceuticals during the second quarter worth $32,000. Spark Investment Management LLC purchased a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at $39,000. Finally, Rangeley Capital LLC purchased a new stake in shares of Acumen Pharmaceuticals in the first quarter valued at $83,000. 71.01% of the stock is currently 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.