Acumen Pharmaceuticals (NASDAQ:ABOS) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a research note released on Wednesday morning, Benzinga reports. HC Wainwright currently has a $15.00 price objective on the stock. HC Wainwright also issued estimates for Acumen Pharmaceuticals’ FY2024 earnings at ($1.01) EPS.

Separately, Citigroup raised shares of Acumen Pharmaceuticals to a strong-buy rating in a research report on Friday, July 26th.

Acumen Pharmaceuticals Stock Performance

Acumen Pharmaceuticals stock opened at $2.57 on Wednesday. Acumen Pharmaceuticals has a 1-year low of $1.81 and a 1-year high of $6.78. The firm has a market cap of $154.41 million, a P/E ratio of -2.42 and a beta of 0.11. The company has a current ratio of 30.20, a quick ratio of 30.20 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average of $2.70 and a 200-day moving average of $3.27.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.06). During the same period last year, the firm posted ($0.28) earnings per share. Sell-side analysts expect that Acumen Pharmaceuticals will post -1.13 EPS for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABOS. Gladius Capital Management LP bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth about $26,000. SG Americas Securities LLC purchased a new stake in Acumen Pharmaceuticals in the first quarter worth about $52,000. Chicago Partners Investment Group LLC increased its stake in shares of Acumen Pharmaceuticals by 34.9% during the fourth quarter. Chicago Partners Investment Group LLC now owns 18,315 shares of the company’s stock valued at $70,000 after purchasing an additional 4,736 shares in the last quarter. American Century Companies Inc. increased its position in Acumen Pharmaceuticals by 31.3% during the 2nd quarter. American Century Companies Inc. now owns 45,444 shares of the company’s stock valued at $110,000 after buying an additional 10,840 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in Acumen Pharmaceuticals during the second quarter valued at $127,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.