Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $6.80.

Several brokerages have weighed in on ABOS. Bank of America cut their price target on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Wall Street Zen lowered Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. BTIG Research raised their price target on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th.

Acumen Pharmaceuticals Stock Performance

NASDAQ ABOS opened at $2.43 on Thursday. Acumen Pharmaceuticals has a fifty-two week low of $0.86 and a fifty-two week high of $3.05. The stock has a market cap of $147.00 million, a price-to-earnings ratio of -1.09 and a beta of 0.24. The business has a fifty day moving average of $2.07 and a 200-day moving average of $1.80. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.19. As a group, analysts predict that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total transaction of $75,132.45. Following the completion of the sale, the chief executive officer directly owned 619,982 shares of the company’s stock, valued at $1,233,764.18. The trade was a 5.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 149,818 shares of company stock worth $285,057. 9.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABOS. Y Intercept Hong Kong Ltd purchased a new stake in Acumen Pharmaceuticals during the 2nd quarter worth $291,000. SG Americas Securities LLC purchased a new stake in shares of Acumen Pharmaceuticals during the third quarter worth about $691,000. Bank of America Corp DE lifted its stake in shares of Acumen Pharmaceuticals by 45.4% in the third quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock worth $365,000 after acquiring an additional 66,720 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in Acumen Pharmaceuticals by 65.1% in the third quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock valued at $325,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Hudson Bay Capital Management LP grew its stake in Acumen Pharmaceuticals by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after purchasing an additional 55,004 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral small molecule therapies for neurodegenerative diseases. Leveraging a proprietary drug discovery platform that integrates chemoproteomics, high-throughput screening and computational chemistry, the company seeks to identify and optimize compounds that selectively modulate pathological protein aggregation. Its approach is designed to address the underlying biology of conditions such as Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis and related proteinopathies.

The company’s pipeline comprises multiple lead candidates at various stages of preclinical and early clinical development.