BofA analyst Geoff Meacham resumed coverage of Acumen (ABOS) with a Buy rating and price target of $14, up from $9, after Acumen presented ACU193 phase 1 INTERCEPT-AD data in early Alzheimer’s disease at the Alzheimer’s Association International Conference, or AAIC, and subsequently announced a $130M public offering. The trial demonstrated proof-of-concept of the mechanism for ACU193 and also indicated that ACU193 can lower amyloid plaque similar to amyloid beta-directed antibodies such as Biogen’s (BIIB) Leqembi and Eli Lilly’s (LLY) donanemab, the analyst tells investors. Following the data, the firm is increasing its view of the probability of success of ACU193 to 25% from 10%.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ABOS:
- Acumen 16.77M share Secondary priced at $7.75
- Acumen Announces Pricing of Upsized $130 Million Public Offering
- Acumen announces $100M offering of common stock
- Acumen Pharmaceuticals Announces Proposed Public Offering of Common Stock
- Acumen Pharma (NASDAQ:ABOS) Skyrockets on Promising Phase 1 Data in Alzheimer’s Disease