Acumen Pharmaceuticals (NASDAQ:ABOS) Raised to Hold at Wall Street Zen

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.

Several other equities analysts have also weighed in on the company. BTIG Research reissued a “buy” rating and set a $8.00 price objective on shares of Acumen Pharmaceuticals in a report on Thursday, March 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.00.

Acumen Pharmaceuticals Price Performance

Acumen Pharmaceuticals stock opened at $2.74 on Friday. Acumen Pharmaceuticals has a twelve month low of $1.13 and a twelve month high of $3.60. The firm has a 50 day moving average price of $2.42 and a 200-day moving average price of $2.47. The company has a market capitalization of $197.91 million, a P/E ratio of -1.47 and a beta of 0.34. The company has a quick ratio of 4.55, a current ratio of 4.55 and a debt-to-equity ratio of 0.19.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.07. As a group, equities analysts predict that Acumen Pharmaceuticals will post -1.39 EPS for the current year.

Insiders Place Their Bets

In other news, Director Derrell Porter sold 13,040 shares of Acumen Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $2.33, for a total value of $30,383.20. Following the completion of the transaction, the director owned 35,500 shares in the company, valued at $82,715. This trade represents a 26.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 38,700 shares of company stock worth $89,660 in the last three months. 10.20% of the stock is owned by company insiders.

Institutional Trading of Acumen Pharmaceuticals

Institutional investors have recently modified their holdings of the business. AQR Capital Management LLC bought a new position in Acumen Pharmaceuticals in the 1st quarter worth approximately $46,000. Marshall Wace LLP purchased a new stake in shares of Acumen Pharmaceuticals during the second quarter worth $160,000. Qube Research & Technologies Ltd lifted its position in shares of 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 acquiring an additional 35,424 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Acumen Pharmaceuticals by 1,526.0% in the second quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock worth $204,000 after acquiring an additional 164,866 shares during the period. Finally, Hudson Bay Capital Management LP boosted its holdings 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 acquiring an additional 55,004 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.