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

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

ABOS has been the topic of a number of other reports. BTIG Research boosted their price objective on Acumen Pharmaceuticals from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, March 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Acumen Pharmaceuticals Stock Performance

Shares of ABOS opened at $2.68 on Friday. 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 firm’s fifty day simple moving average is $2.62 and its two-hundred day simple moving average is $2.12. Acumen Pharmaceuticals has a 12 month low of $0.86 and a 12 month high of $3.60. The stock has a market capitalization of $162.09 million, a P/E ratio of -1.21 and a beta of 0.21.

Insider Buying and Selling

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s 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 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 149,818 shares of company stock valued at $285,057. Insiders own 9.30% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. bought a new stake in shares of Acumen Pharmaceuticals during the third quarter valued at approximately $27,000. Marex Group plc bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter worth $39,000. Independent Advisor Alliance bought a new position in shares of Acumen Pharmaceuticals in the 4th quarter worth $40,000. PFG Investments LLC grew its position in 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 period. Finally, Marshall Wace LLP bought a new stake in Acumen Pharmaceuticals during the 4th quarter valued at $44,000. Institutional investors and hedge funds 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.