Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Short Interest Down 18.6% in October

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ABOS. Citigroup upgraded shares of Acumen Pharmaceuticals to a “strong-buy” rating in a research report on Friday, July 26th. UBS Group reduced 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 reiterated a “buy” rating and set a $15.00 price objective on shares of Acumen Pharmaceuticals in a research report on Thursday, October 3rd.

Acumen Pharmaceuticals Stock Up 5.8 %

Shares of NASDAQ ABOS opened at $2.90 on Monday. The company has a market cap of $174.23 million, a price-to-earnings ratio of -2.74 and a beta of 0.07. The company has a current ratio of 17.37, a quick ratio of 17.37 and a debt-to-equity ratio of 0.12. Acumen Pharmaceuticals has a 12 month low of $1.81 and a 12 month high of $5.09. The stock has a 50-day moving average price of $2.55 and a two-hundred day moving average price of $2.83.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued 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 business posted ($0.28) EPS. As a group, analysts forecast that Acumen Pharmaceuticals will post -1.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Gladius Capital Management LP acquired a new stake in Acumen Pharmaceuticals during the 2nd quarter worth about $26,000. SG Americas Securities LLC bought a new stake in shares of Acumen Pharmaceuticals during the 3rd quarter valued at about $44,000. American Century Companies Inc. boosted its position in shares of Acumen Pharmaceuticals by 31.3% during the 2nd quarter. American Century Companies Inc. now owns 45,444 shares of the company’s stock valued at $110,000 after purchasing an additional 10,840 shares in the last quarter. Rhumbline Advisers acquired a new stake in Acumen Pharmaceuticals during the second quarter worth approximately $127,000. Finally, Murchinson Ltd. bought a new stake in Acumen Pharmaceuticals in the second quarter worth approximately $136,000. Institutional investors and hedge funds 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.