Acumen Pharmaceuticals Inc. (NASDAQ: ABOS) stock jumped 103.83% on Wednesday to $9.58 against a previous-day closing price of $4.70. With 64.9 million shares changed hands, the volume of the stock remained heavier than its average volume of 57650.0 shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $10.23 whereas the lowest price it dropped to was $7.28. The 52-week range on ABOS shows that it touched its highest point at $16.00 and its lowest point at $3.02 during that stretch. It currently has a 1-year price target of $14.83.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ABOS was up-trending over the past week, with a rise of 100.84%, but this was up by 82.48% over a month. Three-month performance surged to 96.31% while six-month performance rose 118.72%. The stock lost -34.83% in the past year, while it has gained 41.72% so far this year. A look at the trailing 12-month EPS for ABOS yields -0.99 with Next year EPS estimates of -1.21. For the next quarter, that number is -0.23. This implies an EPS growth rate of 2.10% for this year and -27.40% for next year.
Float and Shares Shorts:
At present, 40.50 million ABOS shares are outstanding with a float of 34.13 million shares on hand for trading. On Jul 14, 2022, short shares totaled 0.95 million, which was 2.34% higher than short shares on Jun 14, 2022. In addition to Mr. Daniel J. O’Connell M.B.A. as the firm’s CEO, Pres & Director, Mr. Matt Zuga serves as its CFO, Chief Bus. Officer & Corp. Sec.
Through their ownership of 77.76% of ABOS’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.71% of ABOS, in contrast to 45.14% held by mutual funds. Shares owned by individuals account for 0.84%. As the largest shareholder in ABOS with 24.13% of the stake, RA Capital Management LP holds 9,770,773 shares worth 9,770,773. A second-largest stockholder of ABOS, Deep Track Capital LP, holds 3,100,000 shares, controlling over 7.65% of the firm’s shares. BlackRock Advisors LLC is the third largest shareholder in ABOS, holding 2,351,467 shares or 5.81% stake. With a 3.52% stake in ABOS, the BlackRock Health Sciences Trust I is the largest stakeholder. A total of 1,426,503 shares are owned by the mutual fund manager. The BlackRock Health Sciences Opportu, which owns about 1.91% of ABOS stock, is the second-largest Mutual Fund holder. It holds 772,313 shares valued at 4.39 million. Vanguard Total Stock Market Index holds 1.21% of the stake in ABOS, owning 491,029 shares worth 2.79 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ABOS since 6 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With ABOS analysts setting a high price target of $17.00 and a low target of $9.00, the average target price over the next 12 months is $14.83. Based on these targets, ABOS could surge 77.45% to reach the target high and fall by -6.05% to reach the target low. Reaching the average price target will result in a growth of 54.8% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. ABOS will report FY 2022 earnings on 03/27/2023. Analysts have provided yearly estimates in a range of -$0.99 being high and -$1.05 being low. For ABOS, this leads to a yearly average estimate of -$1.02. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Acumen Pharmaceuticals Inc. surprised analysts by -$0.00 when it reported -$0.25 EPS against a consensus estimate of -$0.25. The surprise factor in the prior quarter was -$0.06. Based on analyst estimates, the high estimate for the next quarter is -$0.26 and the low estimate is -$0.27. The average estimate for the next quarter is thus -$0.27.
Summary of Insider Activity:
Insiders traded ABOS stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 1 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 1,118 while 0 shares were sold.