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

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) was the recipient of a significant growth in short interest during 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. Based on an average daily trading volume, of 184,900 shares, the days-to-cover ratio is presently 7.8 days. Currently, 3.2% of the company’s shares are sold short.

Acumen Pharmaceuticals Stock Down 8.0 %

Shares of NASDAQ:ABOS opened at $2.40 on Friday. The stock’s 50-day moving average is $2.62 and its 200 day moving average is $2.79. The company has a market cap of $144.19 million, a PE ratio of -1.74 and a beta of 0.04. The company has a debt-to-equity ratio of 0.14, a current ratio of 10.43 and a quick ratio of 17.37. Acumen Pharmaceuticals has a 1 year low of $2.08 and a 1 year high of $5.09.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Gladius Capital Management LP bought a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at approximately $26,000. SG Americas Securities LLC purchased a new position in shares of Acumen Pharmaceuticals in the 1st quarter valued at approximately $52,000. American Century Companies Inc. boosted 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 valued at $110,000 after purchasing an additional 10,840 shares in the last quarter. Rhumbline Advisers purchased a new stake in Acumen Pharmaceuticals in the second quarter worth $127,000. Finally, Murchinson Ltd. bought a new position in Acumen Pharmaceuticals in the second quarter worth $136,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABOS shares. Citigroup raised Acumen Pharmaceuticals to a “strong-buy” rating in a research note on Friday, July 26th. UBS Group decreased their target price 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. Finally, HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of Acumen Pharmaceuticals in a report on Wednesday.

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.