Acumen Pharmaceuticals (NASDAQ:ABOS) Receives “Buy” Rating from HC Wainwright

Acumen Pharmaceuticals (NASDAQ:ABOS)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $15.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 447.45% from the company’s previous close.

Other analysts also recently issued reports about the stock. UBS Group cut their price objective on shares of Acumen Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Citigroup raised shares of Acumen Pharmaceuticals to a “strong-buy” rating in a report on Friday, July 26th.

Acumen Pharmaceuticals Stock Up 2.6 %

Shares of Acumen Pharmaceuticals stock traded up $0.07 during trading on Wednesday, hitting $2.74. The company’s stock had a trading volume of 16,065 shares, compared to its average volume of 326,543. The company has a debt-to-equity ratio of 0.12, a quick ratio of 17.37 and a current ratio of 17.37. The company has a fifty day simple moving average of $2.61 and a two-hundred day simple moving average of $2.80. The company has a market capitalization of $164.62 million, a PE ratio of -2.45 and a beta of 0.04. Acumen Pharmaceuticals has a 52 week low of $2.01 and a 52 week high of $5.09.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.06). During the same period in the prior year, the company posted ($0.28) EPS. Equities research analysts predict that Acumen Pharmaceuticals will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABOS. Price T Rowe Associates Inc. MD bought a new stake in shares of Acumen Pharmaceuticals during the first quarter valued at approximately $4,449,000. Renaissance Technologies LLC purchased a new position in Acumen Pharmaceuticals during the second quarter worth $818,000. Bank of New York Mellon Corp purchased a new position in Acumen Pharmaceuticals during the second quarter worth $306,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Acumen Pharmaceuticals during the first quarter valued at $253,000. Finally, Murchinson Ltd. purchased a new stake in shares of Acumen Pharmaceuticals during the second quarter valued at $136,000. Institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer’s disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.