Acumen Pharmaceuticals (NASDAQ:ABOS) Trading 5.8% Higher – Here’s Why

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) shares traded up 5.8% on Wednesday . The stock traded as high as $1.60 and last traded at $1.46. 624,149 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 557,972 shares. The stock had previously closed at $1.38.

Analyst Upgrades and Downgrades

Separately, Citigroup assumed coverage on Acumen Pharmaceuticals in a report on Tuesday, June 17th. They issued a “buy” rating and a $4.00 price objective for the company.

Acumen Pharmaceuticals Trading Up 5.8%

The firm has a fifty day moving average of $1.24 and a two-hundred day moving average of $1.24. The company has a market cap of $88.43 million, a PE ratio of -0.75 and a beta of 0.11. 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 issued its earnings results on Tuesday, May 13th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.08. During the same period in the prior year, the company posted ($0.25) earnings per share. As a group, sell-side analysts predict that Acumen Pharmaceuticals, Inc. will post -1.56 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new position in Acumen Pharmaceuticals in the 1st quarter worth about $46,000. ADAR1 Capital Management LLC boosted its stake in Acumen Pharmaceuticals by 55.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 146,183 shares of the company’s stock worth $161,000 after purchasing an additional 51,889 shares during the period. Nuveen LLC bought a new position in Acumen Pharmaceuticals in the 1st quarter worth about $86,000. Invesco Ltd. boosted its stake in Acumen Pharmaceuticals by 544.1% in the 1st quarter. Invesco Ltd. now owns 127,798 shares of the company’s stock worth $141,000 after purchasing an additional 107,956 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in Acumen Pharmaceuticals by 6.4% in the 4th quarter. Two Sigma Advisers LP now owns 499,100 shares of the company’s stock worth $858,000 after purchasing an additional 30,000 shares during the period. Institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

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.