Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS – Get Rating) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 875,700 shares, a growth of 24.3% from the November 30th total of 704,700 shares. Approximately 3.5% of the shares of the stock are sold short. Based on an average daily volume of 1,390,000 shares, the days-to-cover ratio is presently 0.6 days.
Wall Street Analysts Forecast Growth
ABOS has been the subject of several recent analyst reports. BTIG Research upped their price target on Acumen Pharmaceuticals from $15.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, October 5th. Credit Suisse Group dropped their price target on Acumen Pharmaceuticals from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Tuesday, November 15th.
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Institutional Trading of Acumen Pharmaceuticals
Hedge funds have recently modified their holdings of the company. Commodore Capital LP purchased a new stake in Acumen Pharmaceuticals during the 3rd quarter valued at $11,033,000. Great Point Partners LLC purchased a new stake in Acumen Pharmaceuticals during the 1st quarter valued at $3,630,000. BlackRock Inc. raised its holdings in Acumen Pharmaceuticals by 23.2% during the 1st quarter. BlackRock Inc. now owns 3,831,321 shares of the company's stock valued at $14,980,000 after buying an additional 721,651 shares during the period. Vanguard Group Inc. raised its holdings in Acumen Pharmaceuticals by 122.5% during the 1st quarter. Vanguard Group Inc. now owns 1,234,771 shares of the company's stock valued at $4,828,000 after buying an additional 679,798 shares during the period. Finally, Deep Track Capital LP raised its holdings in Acumen Pharmaceuticals by 34.5% during the 1st quarter. Deep Track Capital LP now owns 2,599,098 shares of the company's stock valued at $10,162,000 after buying an additional 666,058 shares during the period. 67.92% of the stock is owned by hedge funds and other institutional investors.
Acumen Pharmaceuticals Stock Up 0.6 %
Shares of ABOS opened at $5.40 on Friday. Acumen Pharmaceuticals has a 1 year low of $3.02 and a 1 year high of $10.97. The business's 50 day simple moving average is $6.14 and its 200-day simple moving average is $5.97.
Acumen Pharmaceuticals (NASDAQ:ABOS – Get Rating) last issued its quarterly earnings data on Monday, November 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.01. Research analysts predict that Acumen Pharmaceuticals will post -1.01 EPS for the current fiscal year.
Acumen Pharmaceuticals Company Profile
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Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.
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