HC Wainwright Has Bearish Estimate for ABOS FY2024 Earnings

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Free Report) - Stock analysts at HC Wainwright lowered their FY2024 earnings estimates for shares of Acumen Pharmaceuticals in a report issued on Wednesday, November 13th. HC Wainwright analyst A. Fein now anticipates that the company will post earnings of ($1.46) per share for the year, down from their previous forecast of ($1.01). HC Wainwright currently has a "Buy" rating and a $15.00 target price on the stock. The consensus estimate for Acumen Pharmaceuticals' current full-year earnings is ($1.56) per share. HC Wainwright also issued estimates for Acumen Pharmaceuticals' Q4 2024 earnings at ($0.37) EPS, FY2025 earnings at ($1.55) EPS, FY2026 earnings at ($1.80) EPS, FY2027 earnings at ($1.96) EPS and FY2028 earnings at ($1.82) EPS.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last announced its quarterly earnings data 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.

ABOS has been the topic of a number of other reports. Citigroup raised shares of Acumen Pharmaceuticals to a "strong-buy" rating in a research note on Friday, July 26th. UBS Group dropped their target price 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 Stock Down 6.7 %

Acumen Pharmaceuticals stock traded down $0.16 during mid-day trading on Monday, reaching $2.24. The stock had a trading volume of 224,573 shares, compared to its average volume of 326,143. The firm has a market capitalization of $134.58 million, a PE ratio of -1.62 and a beta of 0.04. The stock's 50-day simple moving average is $2.61 and its 200-day simple moving average is $2.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 17.37 and a current ratio of 10.43. Acumen Pharmaceuticals has a fifty-two week low of $2.08 and a fifty-two week high of $5.09.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of ABOS. FMR LLC increased its stake in shares of Acumen Pharmaceuticals by 0.3% during the 3rd quarter. FMR LLC now owns 2,028,117 shares of the company's stock worth $5,030,000 after purchasing an additional 6,014 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in Acumen Pharmaceuticals during the first quarter valued at $4,449,000. Geode Capital Management LLC increased its position in Acumen Pharmaceuticals by 6.5% in the third quarter. Geode Capital Management LLC now owns 864,528 shares of the company's stock worth $2,144,000 after buying an additional 52,395 shares during the last quarter. State Street Corp raised its stake in shares of Acumen Pharmaceuticals by 18.3% in the third quarter. State Street Corp now owns 516,406 shares of the company's stock valued at $1,281,000 after buying an additional 79,841 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at $818,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Acumen Pharmaceuticals Company Profile

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.