Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Short Interest Down 5.4% in November

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 1,390,000 shares, a decline of 5.4% from the November 15th total of 1,470,000 shares. Currently, 3.1% of the shares of the company are short sold. Based on an average daily trading volume, of 202,200 shares, the short-interest ratio is presently 6.9 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new stake in Acumen Pharmaceuticals in the second quarter worth approximately $306,000. Rhumbline Advisers bought a new position in shares of Acumen Pharmaceuticals during the second quarter valued at about $127,000. American Century Companies Inc. increased its holdings in shares of Acumen Pharmaceuticals by 31.3% in the second quarter. American Century Companies Inc. now owns 45,444 shares of the company’s stock worth $110,000 after buying an additional 10,840 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter valued at about $818,000. Finally, Murchinson Ltd. purchased a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at about $136,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Acumen Pharmaceuticals in a report on Wednesday, November 13th.

Acumen Pharmaceuticals Stock Down 8.7 %

ABOS opened at $1.79 on Thursday. The company has a 50 day moving average of $2.50 and a 200 day moving average of $2.59. The company has a current ratio of 10.43, a quick ratio of 10.43 and a debt-to-equity ratio of 0.14. Acumen Pharmaceuticals has a 12 month low of $1.76 and a 12 month high of $5.09. The company has a market cap of $107.54 million, a PE ratio of -1.30 and a beta of -0.07.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.14). During the same quarter in the previous year, the company earned ($0.24) EPS. On average, sell-side analysts expect that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

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.