Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Short Interest Update

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) was the recipient of a large increase in short interest during 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. Approximately 3.2% of the shares of the 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 Analyst Weigh In

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

Acumen Pharmaceuticals Price Performance

NASDAQ: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 fifty day moving average is $2.62 and its two-hundred day moving average is $2.79. The company has a market capitalization of $144.19 million, a P/E ratio of -1.74 and a beta of 0.04. The company has a quick ratio of 17.37, a current ratio of 10.43 and a debt-to-equity ratio of 0.14.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its earnings results on Tuesday, November 12th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.14). During the same quarter in the previous year, the business posted ($0.24) EPS. Equities analysts expect that Acumen Pharmaceuticals will post -1.32 EPS for the current year.

Institutional Trading of Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gladius Capital Management LP purchased a new position in Acumen Pharmaceuticals in the second quarter worth $26,000. SG Americas Securities LLC acquired a new stake in shares of Acumen Pharmaceuticals in the third quarter valued at about $44,000. American Century Companies Inc. boosted its holdings in Acumen Pharmaceuticals by 31.3% during the second 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 in the last quarter. Rhumbline Advisers acquired a new position in Acumen Pharmaceuticals during the second quarter worth about $127,000. Finally, Murchinson Ltd. purchased a new position in Acumen Pharmaceuticals in the second quarter valued at about $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.