Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Short Interest Up 14.2% in October

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,450,000 shares, an increase of 14.2% from the October 15th total of 1,270,000 shares. Currently, 3.2% of the company’s stock are short sold. Based on an average daily volume of 184,900 shares, the days-to-cover ratio is presently 7.8 days.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABOS. Citigroup upgraded shares of Acumen Pharmaceuticals to a “strong-buy” rating in a research note on Friday, July 26th. UBS Group cut their price target on Acumen Pharmaceuticals from $14.00 to $6.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Finally, HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Acumen Pharmaceuticals in a research note on Wednesday.

Acumen Pharmaceuticals Stock Performance

Shares of ABOS opened at $2.40 on Friday. Acumen Pharmaceuticals has a 52-week low of $2.08 and a 52-week high of $5.09. The stock’s 50-day simple moving average is $2.62 and its 200 day simple moving average is $2.79. The company has a debt-to-equity ratio of 0.14, a quick ratio of 17.37 and a current ratio of 10.43. The stock has a market capitalization of $144.19 million, a price-to-earnings ratio of -1.74 and a beta of 0.04.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.14). During the same quarter in the prior year, the company posted ($0.24) EPS. Research analysts forecast that Acumen Pharmaceuticals will post -1.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Acumen Pharmaceuticals by 0.3% during the third quarter. FMR LLC now owns 2,028,117 shares of the company’s stock worth $5,030,000 after purchasing an additional 6,014 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of 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 last quarter. Gladius Capital Management LP purchased a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter valued at $26,000. SG Americas Securities LLC purchased a new position in Acumen Pharmaceuticals in the first quarter worth $52,000. Finally, Barclays PLC increased its stake in Acumen Pharmaceuticals by 189.1% in the third quarter. Barclays PLC now owns 61,997 shares of the company’s stock valued at $154,000 after acquiring an additional 40,551 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

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.