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

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

ABOS has been the topic of several other research reports. BTIG Research raised their price objective on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Finally, Bank of America reduced their price target on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.80.

Acumen Pharmaceuticals Trading Down 6.8%

Shares of Acumen Pharmaceuticals stock opened at $2.60 on Friday. The firm’s 50 day moving average is $2.03 and its 200 day moving average is $1.77. The firm has a market capitalization of $157.48 million, a PE ratio of -1.17 and a beta of 0.23. Acumen Pharmaceuticals has a 1 year low of $0.86 and a 1 year high of $3.05. The company has a current ratio of 6.02, a quick ratio of 6.02 and a debt-to-equity ratio of 0.29.

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

Insider Activity at Acumen Pharmaceuticals

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total value of $75,132.45. Following the completion of the sale, the chief executive officer owned 619,982 shares of the company’s stock, valued at approximately $1,233,764.18. This represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 149,818 shares of company stock valued at $285,057. Insiders own 9.30% of the company’s stock.

Institutional Trading of Acumen Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. acquired a new stake in Acumen Pharmaceuticals during the 3rd quarter valued at approximately $27,000. Marex Group plc bought a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter valued at $39,000. PFG Investments LLC boosted its stake in shares of Acumen Pharmaceuticals by 65.2% in the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock valued at $40,000 after purchasing an additional 7,500 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals during the first quarter worth $46,000. Finally, Qube Research & Technologies Ltd raised its stake 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 during the last quarter. 71.01% of the stock is currently owned by institutional investors.

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.