Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Sees Large Decrease in Short Interest

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) saw a large drop in short interest in October. As of October 15th, there was short interest totalling 1,270,000 shares, a drop of 18.6% from the September 30th total of 1,560,000 shares. Currently, 2.8% of the company’s stock are sold short. Based on an average daily volume of 203,200 shares, the short-interest ratio is presently 6.3 days.

Acumen Pharmaceuticals Trading Up 5.8 %

NASDAQ ABOS opened at $2.90 on Monday. The business’s fifty day moving average is $2.55 and its 200-day moving average is $2.83. The company has a debt-to-equity ratio of 0.12, a current ratio of 17.37 and a quick ratio of 17.37. The stock has a market capitalization of $174.23 million, a price-to-earnings ratio of -2.74 and a beta of 0.07. Acumen Pharmaceuticals has a one year low of $1.81 and a one year high of $5.09.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its earnings results on Tuesday, August 13th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.06). During the same quarter in the previous year, the firm posted ($0.28) EPS. Equities research analysts predict that Acumen Pharmaceuticals will post -1.32 EPS for the current year.

Wall Street Analysts Forecast Growth

ABOS has been the subject of several analyst reports. Citigroup raised Acumen Pharmaceuticals to a “strong-buy” rating in a research note on Friday, July 26th. HC Wainwright reissued a “buy” rating and issued a $15.00 price target on shares of Acumen Pharmaceuticals in a research report on Thursday, October 3rd. Finally, UBS Group dropped their price objective on Acumen Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in Acumen Pharmaceuticals in the 3rd quarter valued at about $44,000. Murchinson Ltd. bought a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at approximately $136,000. Renaissance Technologies LLC purchased a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter valued at approximately $818,000. American Century Companies Inc. boosted its holdings in Acumen Pharmaceuticals by 31.3% in the 2nd quarter. American Century Companies Inc. now owns 45,444 shares of the company’s stock worth $110,000 after buying an additional 10,840 shares during the period. Finally, Rhumbline Advisers purchased a new position in Acumen Pharmaceuticals in the 2nd quarter valued at approximately $127,000. Hedge funds and other 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.