Wall Street Zen Upgrades Acumen Pharmaceuticals (NASDAQ:ABOS) to “Hold”

Acumen Pharmaceuticals (NASDAQ:ABOS) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

ABOS has been the subject of several other research reports. 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 research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Finally, BTIG Research upped their price target on shares of Acumen Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.80.

Acumen Pharmaceuticals Stock Down 5.5%

ABOS stock opened at $2.57 on Friday. The stock has a market capitalization of $155.66 million, a P/E ratio of -1.16 and a beta of 0.24. 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 has a 12 month low of $0.86 and a 12 month high of $3.05. The firm has a 50-day moving average price of $2.21 and a 200-day moving average price of $1.88.

Insiders Place Their Bets

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’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. The trade was a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 149,818 shares of company stock worth $285,057. Insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Hudson Bay Capital Management LP grew its stake in shares of Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after purchasing an additional 55,004 shares during the last quarter. Geode Capital Management LLC raised its position in Acumen Pharmaceuticals by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 410,206 shares of the company’s stock worth $866,000 after purchasing an additional 11,428 shares during the last quarter. SG Americas Securities LLC acquired a new position in Acumen Pharmaceuticals during the 3rd quarter worth about $691,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter valued at about $291,000. Finally, Susquehanna International Group LLP grew its position 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 buying an additional 44,902 shares during 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.