BTIG Research Raises Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target to $7.00

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price objective upped by equities research analysts at BTIG Research from $4.00 to $7.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 149.11% from the stock’s previous close.

A number of other equities research analysts also recently commented on ABOS. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. Bank of America cut their price target 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. Finally, Wall Street Zen upgraded shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, December 21st. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.80.

Acumen Pharmaceuticals Price Performance

Shares of ABOS opened at $2.81 on Tuesday. The company has a current ratio of 6.02, a quick ratio of 6.02 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average is $1.99 and its two-hundred day moving average is $1.76. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.05. The firm has a market capitalization of $170.20 million, a PE ratio of -1.27 and a beta of 0.23.

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

Insider Activity

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total value of $75,132.45. Following the sale, the chief executive officer directly owned 619,982 shares in the company, valued at $1,233,764.18. The trade was a 5.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 149,818 shares of company stock worth $285,057. Insiders own 7.10% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Acumen Pharmaceuticals in the third quarter valued at about $27,000. PFG Investments LLC raised its position in shares of Acumen Pharmaceuticals by 65.2% during the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock worth $40,000 after purchasing an additional 7,500 shares during the last quarter. Marex Group plc purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at approximately $39,000. AQR Capital Management LLC acquired a new stake in Acumen Pharmaceuticals during the 1st quarter valued at $46,000. Finally, Qube Research & Technologies Ltd increased its position in Acumen Pharmaceuticals by 160.0% during the second quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock worth $67,000 after buying an additional 35,424 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.