Acumen Pharmaceuticals (NASDAQ:ABOS) Releases Quarterly Earnings Results, Beats Expectations By $0.19 EPS

Acumen Pharmaceuticals (NASDAQ:ABOS) announced its earnings results on Wednesday. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.19, Zacks reports.

Acumen Pharmaceuticals Stock Performance

Shares of NASDAQ:ABOS traded down $0.01 during trading on Wednesday, reaching $1.96. 70,480 shares of the company’s stock traded hands, compared to its average volume of 331,420. The stock has a market capitalization of $118.72 million, a P/E ratio of -0.86 and a beta of 0.23. Acumen Pharmaceuticals has a 12 month low of $0.86 and a 12 month high of $2.74. The company has a 50 day moving average of $1.78 and a 200-day moving average of $1.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 5.97 and a quick ratio of 5.97.

Analysts Set New Price Targets

A number of brokerages recently commented on ABOS. Bank of America reduced their price target on Acumen Pharmaceuticals from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.00.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Hudson Bay Capital Management LP increased its position in Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after buying an additional 55,004 shares during the period. Jane Street Group LLC boosted its holdings in shares of Acumen Pharmaceuticals by 1,526.0% during the second quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock valued at $204,000 after acquiring an additional 164,866 shares during the period. Qube Research & Technologies Ltd grew its position in shares of Acumen Pharmaceuticals by 160.0% during the second quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock worth $67,000 after acquiring an additional 35,424 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Acumen Pharmaceuticals during the second quarter worth about $160,000. Finally, AQR Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals in the 1st quarter worth about $46,000. 71.01% of the stock is owned by institutional investors.

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.