Acumen Pharmaceuticals (NASDAQ:ABOS) Rating Lowered to Strong Sell at Cantor Fitzgerald

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by equities researchers at Cantor Fitzgerald from a “strong-buy” rating to a “strong sell” rating in a research note issued on Friday, Zacks reports.

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

Acumen Pharmaceuticals Price Performance

Acumen Pharmaceuticals stock opened at $0.21 on Friday. The firm has a market capitalization of $15.19 million, a PE ratio of -0.14 and a beta of 0.33. Acumen Pharmaceuticals has a 52 week low of $0.21 and a 52 week high of $3.60. The firm’s 50-day simple moving average is $2.41 and its 200 day simple moving average is $2.49. The company has a quick ratio of 2.47, a current ratio of 1.89 and a debt-to-equity ratio of 0.17.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABOS. Squarepoint Ops LLC lifted its stake 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 buying an additional 37,336 shares during the period. Spark Investment Management LLC acquired a new stake in Acumen Pharmaceuticals during the second quarter worth approximately $39,000. Two Sigma Securities LLC purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter worth approximately $32,000. Bank of America Corp DE purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter worth approximately $734,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter worth approximately $5,637,000. 71.01% of the stock is currently 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.