Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Sees Significant Growth in Short Interest

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOSGet Free Report) was the target of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,450,000 shares, a growth of 14.2% from the October 15th total of 1,270,000 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily volume of 184,900 shares, the short-interest ratio is currently 7.8 days.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD bought a new stake in Acumen Pharmaceuticals in the first quarter worth about $4,449,000. Renaissance Technologies LLC purchased a new stake in shares of Acumen Pharmaceuticals in the second quarter worth approximately $818,000. Bank of New York Mellon Corp bought a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter worth approximately $306,000. State Street Corp boosted its holdings in Acumen Pharmaceuticals by 18.3% during the 3rd quarter. State Street Corp now owns 516,406 shares of the company’s stock valued at $1,281,000 after acquiring an additional 79,841 shares during the period. Finally, Murchinson Ltd. purchased a new position in Acumen Pharmaceuticals during the 2nd quarter valued at $136,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Acumen Pharmaceuticals Price Performance

NASDAQ:ABOS opened at $2.40 on Monday. The firm has a market capitalization of $144.19 million, a price-to-earnings ratio of -1.74 and a beta of 0.04. The company has a debt-to-equity ratio of 0.14, a current ratio of 10.43 and a quick ratio of 17.37. The business has a 50 day simple moving average of $2.62 and a 200-day simple moving average of $2.79. Acumen Pharmaceuticals has a 1 year low of $2.08 and a 1 year high of $5.09.

Acumen Pharmaceuticals (NASDAQ:ABOSGet Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.14). During the same period in the prior year, the company posted ($0.24) earnings per share. Equities analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ABOS shares. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of Acumen Pharmaceuticals in a research note on Wednesday, November 13th. UBS Group lowered their target price on Acumen Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. Finally, Citigroup upgraded shares of Acumen Pharmaceuticals to a “strong-buy” rating in a research report on Friday, July 26th.

View Our Latest Stock Report on ABOS

About Acumen Pharmaceuticals

(Get Free Report)

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.

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