Citigroup Begins Coverage on Acumen Pharmaceuticals (NASDAQ:ABOS)

Analysts at Citigroup assumed coverage on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $4.00 price target on the stock. Citigroup’s price target would suggest a potential upside of 227.87% from the company’s previous close.

A number of other research firms have also weighed in on ABOS. HC Wainwright lowered their price target on shares of Acumen Pharmaceuticals from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. UBS Group decreased their target price on shares of Acumen Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, March 28th.

Acumen Pharmaceuticals Stock Performance

ABOS opened at $1.22 on Tuesday. The firm has a market capitalization of $73.90 million, a PE ratio of -0.63 and a beta of 0.05. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.60. The firm’s 50-day moving average price is $1.06 and its 200 day moving average price is $1.37. The company has a current ratio of 8.02, a quick ratio of 8.02 and a debt-to-equity ratio of 0.19.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.08. During the same quarter last year, the business earned ($0.25) EPS. As a group, sell-side analysts expect that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of ABOS. Charles Schwab Investment Management Inc. boosted its holdings in Acumen Pharmaceuticals by 16.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,747 shares of the company’s stock valued at $218,000 after purchasing an additional 18,004 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Acumen Pharmaceuticals in the 4th quarter valued at approximately $32,000. Clune & Associates LTD. purchased a new stake in shares of Acumen Pharmaceuticals in the 4th quarter valued at approximately $28,000. JPMorgan Chase & Co. raised its stake in shares of Acumen Pharmaceuticals by 1,387.2% in the 4th quarter. JPMorgan Chase & Co. now owns 937,908 shares of the company’s stock valued at $1,613,000 after acquiring an additional 874,842 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Acumen Pharmaceuticals in the 4th quarter valued at approximately $162,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Acumen Pharmaceuticals Company Profile

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.