Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Moved Down to “Neutral” by Citigroup

Citigroup lowered shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a buy rating to a neutral rating in a report released on Friday,Benzinga reports. Citigroup currently has $1.00 price target on the stock.

ABOS has been the subject of several other research reports. Wall Street Zen downgraded Acumen Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 17th. Stifel Nicolaus cut Acumen Pharmaceuticals from a “buy” rating to a “hold” rating and set a $1.00 price target on the stock. in a research report on Friday. Cantor Fitzgerald reissued an “overweight” rating on shares of Acumen Pharmaceuticals in a report on Thursday, September 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, October 2nd. Finally, BTIG Research reaffirmed a “buy” rating and issued a $8.00 price target on shares of Acumen Pharmaceuticals in a report on Wednesday, September 16th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.50.

Acumen Pharmaceuticals Trading Down 90.8%

Shares of ABOS stock opened at $0.21 on Friday. The company’s fifty day simple moving average is $2.41 and its two-hundred day simple moving average is $2.49. 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 has a 1 year low of $0.21 and a 1 year high of $3.60. The stock has a market capitalization of $15.19 million, a price-to-earnings ratio of -0.14 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.04. As a group, analysts anticipate that Acumen Pharmaceuticals will post -1.51 earnings per share for the current year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC lifted its position in 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 purchasing an additional 37,336 shares during the last quarter. Spark Investment Management LLC purchased a new position in Acumen Pharmaceuticals in the 2nd quarter worth approximately $39,000. Two Sigma Securities LLC bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth $32,000. Bank of America Corp DE bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth $734,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth $5,637,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

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.