Acumen Pharmaceuticals (NASDAQ:ABOS) Rating Lowered to Hold at Stifel Nicolaus

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Friday, Briefing.com reports. They currently have a $1.00 price target on the stock. Stifel Nicolaus‘s price objective would indicate a potential upside of 223.62% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Citigroup raised their price objective on shares of Acumen Pharmaceuticals from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, September 15th. 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 set a $8.00 price target on shares of Acumen Pharmaceuticals in a research report on Wednesday, September 16th. Cantor Fitzgerald restated an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, October 2nd. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $5.50.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS traded down $1.98 during mid-day trading on Friday, hitting $0.31. 19,487,558 shares of the company traded hands, compared to its average volume of 648,814. The stock’s fifty day moving average price is $2.47 and its 200-day moving average price is $2.50. Acumen Pharmaceuticals has a one year low of $0.30 and a one year high of $3.60. The company has a quick ratio of 2.47, a current ratio of 1.89 and a debt-to-equity ratio of 0.17. The firm has a market cap of $22.35 million, a price-to-earnings ratio of -0.21 and a beta of 0.33.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted 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. Research analysts anticipate that Acumen Pharmaceuticals will post -1.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

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

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.