Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS – Get Rating) was the recipient of a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 704,700 shares, a drop of 9.1% from the November 15th total of 775,600 shares. Based on an average trading volume of 1,380,000 shares, the short-interest ratio is presently 0.5 days. Currently, 2.9% of the company's shares are short sold.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the company. BTIG Research lifted their target price on Acumen Pharmaceuticals from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, October 5th. Credit Suisse Group decreased their target price on Acumen Pharmaceuticals from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Tuesday, November 15th.
Get Acumen Pharmaceuticals alerts:Acumen Pharmaceuticals Trading Up 8.5 %
Shares of NASDAQ:ABOS opened at $5.72 on Monday. Acumen Pharmaceuticals has a 12-month low of $3.02 and a 12-month high of $10.97. The business's fifty day simple moving average is $6.65 and its 200-day simple moving average is $5.89.
Acumen Pharmaceuticals (NASDAQ:ABOS – Get Rating) last announced its quarterly earnings results on Monday, November 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.01. As a group, equities analysts anticipate that Acumen Pharmaceuticals will post -1.01 earnings per share for the current year.Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Deep Track Capital LP increased its holdings in shares of Acumen Pharmaceuticals by 34.5% in the 1st quarter. Deep Track Capital LP now owns 2,599,098 shares of the company's stock valued at $10,162,000 after acquiring an additional 666,058 shares during the period. Fiduciary Group LLC purchased a new position in Acumen Pharmaceuticals during the 1st quarter worth $31,000. New York State Common Retirement Fund grew its stake in Acumen Pharmaceuticals by 337.5% during the 1st quarter. New York State Common Retirement Fund now owns 23,981 shares of the company's stock worth $94,000 after buying an additional 18,500 shares during the last quarter. Pathstone Family Office LLC purchased a new position in Acumen Pharmaceuticals during the 3rd quarter worth $2,540,000. Finally, Point72 Asset Management L.P. purchased a new position in Acumen Pharmaceuticals during the 3rd quarter worth $411,000. 63.33% of the stock is currently owned by hedge funds and other institutional investors.
About Acumen Pharmaceuticals
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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.
Read More
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