Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have received an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $6.75.

A number of brokerages recently commented on ABOS. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Tuesday, October 14th. Wall Street Zen raised shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, December 21st. Finally, Bank of America dropped their price objective on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th.

Acumen Pharmaceuticals Stock Down 2.7%

Acumen Pharmaceuticals stock opened at $1.81 on Friday. The company has a market capitalization of $109.63 million, a PE ratio of -0.82 and a beta of 0.23. The company has a debt-to-equity ratio of 0.29, a quick ratio of 6.02 and a current ratio of 6.02. Acumen Pharmaceuticals has a fifty-two week low of $0.86 and a fifty-two week high of $2.46. The firm has a 50 day moving average price of $1.94 and a 200 day moving average price of $1.68.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.19. Research analysts expect that Acumen Pharmaceuticals will post -1.56 earnings per share for the current year.

Insider Activity at Acumen Pharmaceuticals

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total transaction of $75,132.45. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 90,730 shares of company stock valued at $178,587 in the last three months. Insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in ABOS. Y Intercept Hong Kong Ltd purchased a new stake in shares of Acumen Pharmaceuticals during the second quarter worth approximately $291,000. SG Americas Securities LLC acquired a new position in Acumen Pharmaceuticals during the 3rd quarter worth approximately $691,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Acumen Pharmaceuticals in the 3rd quarter valued at approximately $27,000. Susquehanna International Group LLP raised its holdings in shares of Acumen Pharmaceuticals by 26.5% in the 3rd quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock valued at $367,000 after purchasing an additional 44,902 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Acumen Pharmaceuticals by 45.4% in the 3rd quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock valued at $365,000 after purchasing an additional 66,720 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.