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 research report released on Friday, Zacks.com reports.

Separately, HC Wainwright reiterated a buy rating and issued a $15.00 target price on shares of Acumen Pharmaceuticals in a report on Wednesday, May 15th.

Acumen Pharmaceuticals Stock Performance

ABOS stock opened at $3.29 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 30.20 and a quick ratio of 30.20. The business has a 50-day moving average price of $2.77 and a 200 day moving average price of $3.33. The company has a market capitalization of $197.66 million, a P/E ratio of -3.10 and a beta of 0.10. Acumen Pharmaceuticals has a 1-year low of $1.81 and a 1-year high of $7.62.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Monday, May 20th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). During the same quarter in the previous year, the company posted ($0.28) earnings per share. As a group, equities research analysts forecast that Acumen Pharmaceuticals will post -1.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Citigroup Inc. boosted 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 buying an additional 37,801 shares during the last quarter. Jump Financial LLC boosted its position in Acumen Pharmaceuticals by 203.8% in the fourth quarter. Jump Financial LLC now owns 103,000 shares of the company’s stock valued at $396,000 after buying an additional 69,100 shares during the last quarter. Franklin Resources Inc. boosted its position in Acumen Pharmaceuticals by 18.3% in the fourth quarter. Franklin Resources Inc. now owns 3,358,809 shares of the company’s stock valued at $12,898,000 after buying an additional 520,044 shares during the last quarter. Parkman Healthcare Partners LLC boosted its position in Acumen Pharmaceuticals by 20.7% in the fourth quarter. Parkman Healthcare Partners LLC now owns 603,497 shares of the company’s stock valued at $2,317,000 after buying an additional 103,683 shares during the last quarter. Finally, Chicago Partners Investment Group LLC boosted 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 buying an additional 4,736 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

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.