Renaissance Technologies LLC Makes New $818,000 Investment in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS)

Renaissance Technologies LLC bought a new stake in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) in the second quarter, HoldingsChannel reports. The fund bought 338,100 shares of the company’s stock, valued at approximately $818,000.

Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD purchased a new position in Acumen Pharmaceuticals in the 1st quarter worth approximately $4,449,000. Parkman Healthcare Partners LLC lifted its holdings in Acumen Pharmaceuticals by 20.7% in the 4th quarter. Parkman Healthcare Partners LLC now owns 603,497 shares of the company’s stock worth $2,317,000 after buying an additional 103,683 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Acumen Pharmaceuticals in the 2nd quarter valued at about $306,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Acumen Pharmaceuticals during the first quarter worth about $253,000. Finally, Rhumbline Advisers acquired a new position in shares of Acumen Pharmaceuticals in the second quarter worth about $127,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on ABOS. Citigroup upgraded Acumen Pharmaceuticals to a “strong-buy” rating in a report on Friday, July 26th. HC Wainwright reiterated a “buy” rating and set a $15.00 price objective on shares of Acumen Pharmaceuticals in a research note on Thursday, October 3rd. Finally, UBS Group reduced 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 report on Thursday, August 15th.

Acumen Pharmaceuticals Stock Up 0.4 %

Shares of NASDAQ:ABOS opened at $2.38 on Tuesday. Acumen Pharmaceuticals, Inc. has a 1-year low of $1.81 and a 1-year high of $5.09. The stock has a market capitalization of $142.99 million, a price-to-earnings ratio of -2.25 and a beta of 0.07. The company has a debt-to-equity ratio of 0.12, a quick ratio of 17.37 and a current ratio of 17.37. The company’s fifty day moving average is $2.65 and its two-hundred day moving average is $2.98.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.06). During the same quarter in the prior year, the business earned ($0.28) EPS. Equities analysts anticipate that Acumen Pharmaceuticals, Inc. will post -1.32 EPS for the current year.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.