Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Receives $6.80 Average PT from Analysts

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $6.80.

A number of analysts recently issued reports on the company. Bank of America lowered their target price on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Wall Street Zen cut Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. BTIG Research increased their price objective on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th.

Insider Activity

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer owned 619,982 shares in the company, valued at approximately $1,233,764.18. This represents a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 149,818 shares of company stock valued at $285,057. 7.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in Acumen Pharmaceuticals during the third quarter valued at about $691,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Acumen Pharmaceuticals during the 2nd quarter worth about $291,000. Jane Street Group LLC boosted its stake in Acumen Pharmaceuticals by 1,526.0% during the 2nd quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock valued at $204,000 after purchasing an additional 164,866 shares during the period. Marshall Wace LLP bought a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at approximately $160,000. Finally, Bridgeway Capital Management LLC grew its holdings in Acumen Pharmaceuticals by 65.1% in the 3rd quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock valued at $325,000 after buying an additional 75,000 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Acumen Pharmaceuticals Stock Performance

ABOS stock opened at $2.48 on Thursday. The firm has a 50 day simple moving average of $2.10 and a 200 day simple moving average of $1.81. Acumen Pharmaceuticals has a 52 week low of $0.86 and a 52 week high of $3.05. The stock has a market cap of $150.21 million, a P/E ratio of -1.12 and a beta of 0.24. 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 (NASDAQ:ABOS) last released 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 fiscal year.

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.