Rock Springs Capital Management LP Cuts Stock Position in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS)

Rock Springs Capital Management LP reduced its stake in Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Free Report) by 20.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,838,916 shares of the company's stock after selling 461,143 shares during the quarter. Rock Springs Capital Management LP owned 3.06% of Acumen Pharmaceuticals worth $3,163,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. SG Americas Securities LLC lifted its stake in Acumen Pharmaceuticals by 44.2% during the 4th quarter. SG Americas Securities LLC now owns 25,631 shares of the company's stock worth $44,000 after acquiring an additional 7,859 shares in the last quarter. Clune & Associates LTD. acquired a new position in shares of Acumen Pharmaceuticals in the fourth quarter valued at approximately $28,000. Tower Research Capital LLC TRC increased its stake in Acumen Pharmaceuticals by 427.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 20,624 shares of the company's stock worth $35,000 after buying an additional 16,714 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Acumen Pharmaceuticals by 16.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,747 shares of the company's stock valued at $218,000 after buying an additional 18,004 shares during the period. Finally, Intech Investment Management LLC acquired a new position in shares of Acumen Pharmaceuticals in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on ABOS shares. HC Wainwright lowered their target price on Acumen Pharmaceuticals from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, March 28th. UBS Group decreased their price target on shares of Acumen Pharmaceuticals from $6.00 to $4.00 and set a "buy" rating for the company in a research note on Friday, March 28th.

Acumen Pharmaceuticals Stock Down 1.8 %

ABOS stock traded down $0.02 during midday trading on Friday, reaching $1.08. 143,181 shares of the company were exchanged, compared to its average volume of 291,973. The stock's 50-day simple moving average is $1.16 and its 200 day simple moving average is $1.78. Acumen Pharmaceuticals, Inc. has a 1-year low of $0.86 and a 1-year high of $3.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 10.43 and a current ratio of 10.43. The company has a market cap of $65.42 million, a price-to-earnings ratio of -0.78 and a beta of 0.10.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last released its quarterly earnings data on Thursday, March 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.15). On average, equities analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.56 earnings per share for the current year.

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.