Citigroup Initiates Coverage on Acumen Pharmaceuticals (NASDAQ:ABOS)

Equities researchers at Citigroup began coverage on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a 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 indicates a potential upside of 227.87% from the stock’s previous close.

A number of other brokerages have also commented on ABOS. HC Wainwright dropped their target price on 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 dropped their target price on Acumen Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, March 28th.

Acumen Pharmaceuticals Price Performance

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

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued 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 period in the previous year, the business posted ($0.25) EPS. As a group, equities analysts forecast that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC acquired a new position in shares of Acumen Pharmaceuticals during the 4th quarter worth approximately $25,000. Clune & Associates LTD. acquired a new position in shares of Acumen Pharmaceuticals during the 4th quarter worth approximately $28,000. Intech Investment Management LLC acquired a new position in shares of Acumen Pharmaceuticals during the 4th quarter worth approximately $32,000. Tower Research Capital LLC TRC raised its stake in shares of Acumen Pharmaceuticals by 427.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 20,624 shares of the company’s stock worth $35,000 after buying an additional 16,714 shares during the period. Finally, AQR Capital Management LLC acquired a new position in shares of Acumen Pharmaceuticals during the 1st quarter worth approximately $46,000. 71.01% of the stock is 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.