Acumen Pharmaceuticals (NASDAQ:ABOS) Downgraded by Wall Street Zen to Sell

Wall Street Zen lowered shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a hold rating to a sell rating in a research note published on Saturday.

A number of other brokerages also recently issued reports on ABOS. BTIG Research raised their price objective on Acumen Pharmaceuticals from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.00.

Acumen Pharmaceuticals Price Performance

ABOS stock opened at $2.68 on Friday. Acumen Pharmaceuticals has a 52-week low of $0.86 and a 52-week high of $3.60. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29. The stock has a market cap of $162.09 million, a price-to-earnings ratio of -1.21 and a beta of 0.21. The business has a fifty day moving average of $2.62 and a two-hundred day moving average of $2.12.

Insiders Place Their Bets

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 619,982 shares of the company’s stock, valued at $1,233,764.18. This represents a 5.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 149,818 shares of company stock worth $285,057. 9.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several institutional investors have recently modified their holdings of ABOS. SG Americas Securities LLC purchased a new stake in Acumen Pharmaceuticals during the 3rd quarter worth about $691,000. Quadrature Capital Ltd acquired a new stake in Acumen Pharmaceuticals in the 4th quarter valued at about $103,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Acumen Pharmaceuticals in the 4th quarter valued at about $47,000. Marshall Wace LLP acquired a new position in shares of Acumen Pharmaceuticals during the fourth quarter worth about $44,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Acumen Pharmaceuticals by 12.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 49,062 shares of the company’s stock worth $104,000 after buying an additional 5,538 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Acumen Pharmaceuticals Company Profile

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.