Acumen Pharmaceuticals (NASDAQ:ABOS) shares are up nearly 65% at the time of writing today after it posted positive topline results from a Phase 1 study evaluating ACU193 for the treatment of Alzheimer’s Disease (AD).
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In the study, ACU193 was observed to be generally well tolerated and met primary as well as secondary endpoints. Importantly, the results also point to proof-of-mechanism for the drug.
Additionally, at higher dose cohorts, rapid and statistically significant decrease was observed in amyloid plaque load. The complete results from the Phase 1 trial are expected to be presented by Acumen at a future medical congress.
Next, Acumen plans to engage with the U.S. Food and Drug Administration in the fourth quarter to evaluate the next steps in advancing ACU193 and arrive at a timeline toward a Phase 2/3 progression.
Overall, the Street has a $16.67 consensus price target on Acumen alongside a Strong Buy consensus rating. This points to a further 64% potential upside in the stock on top of an ~91% year-to-date price surge.
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