Acumen Pharmaceuticals (NASDAQ:ABOS) Downgraded by Citigroup to “Hold”

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Marketbeat reports. They presently have a $1.00 price target on the stock. Citigroup‘s target price suggests a potential upside of 376.19% from the stock’s current price.

Other analysts also recently issued reports about the company. Stifel Nicolaus downgraded Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price objective for the company. in a research note on Friday. Wall Street Zen downgraded Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 17th. BTIG Research reissued a “buy” rating and issued a $8.00 price target on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, October 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.50.

Acumen Pharmaceuticals Stock Down 90.8%

Shares of NASDAQ ABOS opened at $0.21 on Friday. The stock has a market capitalization of $15.19 million, a P/E ratio of -0.14 and a beta of 0.33. The company has a 50-day moving average price of $2.41 and a 200-day moving average price of $2.49. Acumen Pharmaceuticals has a 1 year low of $0.21 and a 1 year high of $3.60. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.89 and a quick ratio of 2.47.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its earnings results on Monday, October 26th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.04. On average, equities research analysts forecast that Acumen Pharmaceuticals will post -1.51 EPS for the current fiscal year.

Institutional Trading of Acumen Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ABOS. OMERS ADMINISTRATION Corp increased its position in shares of Acumen Pharmaceuticals by 27.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company’s stock valued at $67,000 after buying an additional 6,146 shares during the period. Sei Investments Co. purchased a new stake in shares of Acumen Pharmaceuticals in the first quarter worth about $27,000. Two Sigma Securities LLC bought a new position in shares of Acumen Pharmaceuticals in the second quarter valued at approximately $32,000. Spark Investment Management LLC bought a new position in shares of Acumen Pharmaceuticals in the second quarter valued at approximately $39,000. Finally, Rangeley Capital LLC purchased a new position in Acumen Pharmaceuticals during the first quarter valued at approximately $83,000. 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.