Short Interest in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Expands By 14.2%

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

Acumen Pharmaceuticals Stock Performance

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

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued 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 period in the prior year, the firm earned ($0.24) earnings per share. As a group, equities research analysts expect that Acumen Pharmaceuticals will post -1.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Trading of Acumen Pharmaceuticals

A number of hedge funds have recently made changes to their positions in ABOS. FMR LLC grew its holdings in Acumen Pharmaceuticals by 0.3% during the 3rd quarter. FMR LLC now owns 2,028,117 shares of the company’s stock valued at $5,030,000 after purchasing an additional 6,014 shares in the last quarter. American Century Companies Inc. increased its position in shares of 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 acquiring an additional 10,840 shares during the last quarter. Gladius Capital Management LP acquired a new position in shares of Acumen Pharmaceuticals in the second quarter worth about $26,000. SG Americas Securities LLC purchased a new position in Acumen Pharmaceuticals in the first quarter valued at about $52,000. Finally, Barclays PLC grew its stake in Acumen Pharmaceuticals by 189.1% during the 3rd quarter. Barclays PLC now owns 61,997 shares of the company’s stock valued at $154,000 after purchasing an additional 40,551 shares in the last quarter. 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.