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Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Surges More Than 100%
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Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Surges More Than 100%

Story Highlights

Shares of Acumen Pharmaceuticals more than doubled to $9.58 following positive Phase 3 trial results for Biogen’s Alzheimer’s drug candidate, lecanemab.

The share price of Acumen Pharmaceuticals (NASDAQ:ABOS) doubled to $9.58 yesterday, reaching its highest level year to date. Infusing a fresh leash of life into the clinical-stage biopharmaceutical company’s early-stage Alzheimer’s candidate, ACU193, is the positive late-stage clinical validation news from Biogen (NASDAQ:BIIB).

Yesterday, Biogen announced that its Alzheimer’s biologic drug, lecanemab, has met its primary endpoint in a Phase 3 trial. The drug, jointly developed with Japanese pharmaceutical company Eisai, may receive accelerated approval in January from the Food and Drug Administration (FDA), with full approval expected in the following months.

In the past few years, drugs targeting amyloids have failed in clinical trials and were almost written off by most companies developing them.

Following the Biogen news, Acumen is once again bullish on its Alzheimer’s drug candidate, ACU193. It is scheduled to report the top-line data from the Phase 1 trial during the first half of 2023.

Not just ABOS stock, but many other pharma companies with similar anti-amyloid drugs addressing Alzheimer’s disease have seen a spike in their share prices.

Shares of Eli Lilly and Co. (NYSE:LLY) and Roche Holding (DE:RHO5) surged around 7% yesterday, in anticipation of potential upside from their Alzheimer’s drug candidate.

Both Eli Lilly’s donanemab and Roche’s gantenerumab are in late-stage trials and their results are expected in the coming twelve months.

Is Acumen Pharmaceuticals a Good Stock to Buy?

The Wall Street community is clearly optimistic about the ABOS stock. Overall, the stock commands a Strong Buy consensus rating based on three unanimous Buys. Acumen Pharmaceuticals’ average price target of $15 implies 56.58% upside potential from current levels.

Interestingly, TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Acumen Pharmaceuticals, with a whopping 12.8% of investors on TipRanks increasing their exposure to ABOS stock over the past 30 days.

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Ending Thoughts

While the positive data from Biogen spells a promising future for the company and the peer group, investors will wait for the final nod from the Centers for Medicare and Medicaid Services.

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