Acumen resumed with a Buy at BofA

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%.