Stifel has reiterated its Buy rating on Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS), maintaining a $10.00 price target.
The firm’s positive stance comes after Acumen hosted a Research & Development Day which showcased several key points.
The event highlighted the scientific basis for the oligomer hypothesis in Alzheimer’s disease, presented supportive analyses from their Phase 1b study, and discussed the ongoing Phase 2 ALTITUDE-AD study of their Alzheimer’s drug candidate, sabirnetug (ACU193).
The analyst noted Acumen’s Phase 1b study results, which support the potential differentiated clinical profile of sabirnetug in treating Alzheimer’s. The enthusiasm surrounding the Phase 2 ALTITUDE-AD study was also mentioned, with enrollment progressing well and completion expected in the first half of 2025. This anticipation is attributed to the demand for new Alzheimer’s therapies and the promising data from sabirnetug’s early trials.
The firm’s commentary suggests that the market is looking forward to the execution of the ongoing trials and is also keeping an eye on the launches of other Alzheimer’s treatments, such as donanemab and lecanemab. Stifel’s outlook on Acumen’s shares remains positive, citing the possible paths to differentiation for sabirnetug in the Alzheimer’s treatment landscape.
In other recent news, Acumen Pharmaceuticals has been making significant strides in its Alzheimer’s disease treatment, Sabirnetug. The company recently reported an encouraging update on its clinical and financial status for the second quarter of 2024, with the Phase 2 study ALTITUDE-AD enrolling participants faster than anticipated. Furthermore, Acumen has commenced a Phase 1 study for a subcutaneous version of Sabirnetug, aiming to increase dosing flexibility.
In financial terms, Acumen is in a robust position, with $281 million in cash and marketable securities, and expects its funds to last until the first half of 2027. Analyst firms H.C. Wainwright and BTIG have maintained their Buy ratings on Acumen, reflecting confidence in the potential of Sabirnetug. H.C. Wainwright reiterated its price target of $15, while BTIG set its price target at $11.
Acumen has also expanded its collaboration with global manufacturing partner Lonza to include drug product services for Sabirnetug. This partnership expansion aims to prepare for the potential future commercial launch of the drug.
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While Stifel maintains a bullish outlook on Acumen…
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