Acumen Pharmaceuticals (NASDAQ:ABOS) Upgraded by Citigroup to Strong-Buy

Citigroup upgraded shares of Acumen Pharmaceuticals (NASDAQ:ABOS) to a strong-buy rating in a report published on Friday, Zacks.com reports.

Separately, HC Wainwright reissued a buy rating and set a $15.00 target price on shares of Acumen Pharmaceuticals in a research note on Wednesday, May 15th.

Acumen Pharmaceuticals Stock Performance

Shares of NASDAQ:ABOS opened at $3.48 on Friday. The company has a market capitalization of $209.08 million, a price-to-earnings ratio of -3.28 and a beta of 0.10. The firm’s 50 day simple moving average is $2.78 and its 200 day simple moving average is $3.34. The company has a debt-to-equity ratio of 0.12, a current ratio of 30.20 and a quick ratio of 30.20. Acumen Pharmaceuticals has a fifty-two week low of $1.81 and a fifty-two week high of $7.62.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings results on Monday, May 20th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). During the same quarter last year, the business posted ($0.28) EPS. As a group, sell-side analysts forecast that Acumen Pharmaceuticals will post -1.13 earnings per share for the current year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Gladius Capital Management LP acquired a new position in Acumen Pharmaceuticals in the second quarter valued at about $26,000. SG Americas Securities LLC acquired a new position in Acumen Pharmaceuticals in the first quarter valued at about $52,000. Chicago Partners Investment Group LLC grew its position in Acumen Pharmaceuticals by 34.9% in the fourth quarter. Chicago Partners Investment Group LLC now owns 18,315 shares of the company’s stock valued at $70,000 after acquiring an additional 4,736 shares during the last quarter. Citigroup Inc. grew its position in Acumen Pharmaceuticals by 5,423.4% in the third quarter. Citigroup Inc. now owns 38,498 shares of the company’s stock valued at $160,000 after acquiring an additional 37,801 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Acumen Pharmaceuticals in the first quarter valued at about $253,000. Institutional investors and hedge funds 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.