The Acumen Pharmaceuticals Inc (NASDAQ:ABOS) drops around 5% in pre trading session on Thursday as the stock price jumped 103.83% in last trading after a Stifel Financial Corp. analyst stated that strong findings from Biogen’s (NASDAQ:BIIB) and Eisai’s (OTCMKTS:ESALY) Phase 3 Alzheimer’s study for lecanemab is optimistic for Acumen.

According to Stifel analyst Paul Matteis, the encouraging results might boost Acumen’s primary medication candidate, ACU193, which has a similar formula to lecanemab. ACU193 is now in phase 1b clinical trials and has a “significant mechanistic commonality” with lecanemab.

Investors reacted positively to the news, purchasing Acumen shares, which are far less expensive than Biogen. The reduced price of ABOS shares makes them more appealing to ordinary traders with tiny accounts who are unable to purchase a large number of Biogen shares.

Matteis, on the other hand, believes that Biogen’s CLARITY findings “may rekindle some interest” for the amyloid protein area, which I addressed in my post on Biogen’s strong phase three clinical trial results for lecanemab. As a consequence, Matteis reaffirmed his Buy recommendation on Acumen Pharma (ABOS) shares, with a $17 price objective.

At the time of writing, nearly 7.85 million Acumen shares had changed hands as buyers purchased the company’s stock. Investors should keep in mind that Acumen’s medicine candidate is still in phase 1b clinical trials, whereas Biogen’s has just finished phase 3 studies and is ready for commercialization.

Aclinical-stage biopharmaceutical company, Acumen Pharmaceuticals, Inc. (ABOS) released that financial results for the quarter ended June 30, 2022 and provided a business update.

President and CEO of Acumen, Daniel O’Connell stated that INTERCEPT-AD, their Phase 1 clinical trial exploring the safety, tolerability, pharmacokinetics, and target engagement of ACU193 in patients with early Alzheimer’s disease, is still moving forward. They are still on schedule to announce top-line results in the first half of 2023. Importantly, they estimate their existing cash, cash equivalents, and marketable securities to be adequate to support their operating expenditures and capital expenditure requirements until 2025, based on their current plans.