Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target Raised to $7.00

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price objective raised by equities research analysts at BTIG Research from $4.00 to $7.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 236.54% from the company’s previous close.

ABOS has been the topic of several other research reports. Wall Street Zen raised shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, December 21st. Bank of America cut their target price on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Acumen Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.80.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS opened at $2.08 on Tuesday. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.01. The stock’s 50 day moving average is $1.94 and its 200-day moving average is $1.74. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $125.99 million, a price-to-earnings ratio of -0.94 and a beta of 0.23.

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

Insider Activity

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of Acumen Pharmaceuticals stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total value of $75,132.45. Following the sale, the chief executive officer owned 619,982 shares of the company’s stock, valued at approximately $1,233,764.18. The trade was a 5.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 149,818 shares of company stock worth $285,057. Company insiders own 7.10% of the company’s stock.

Institutional Trading of Acumen Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter worth about $291,000. SG Americas Securities LLC bought a new position in Acumen Pharmaceuticals during the third quarter worth about $691,000. PFG Investments LLC increased its stake in shares of Acumen Pharmaceuticals by 65.2% in the fourth quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock worth $40,000 after purchasing an additional 7,500 shares in the last quarter. Susquehanna International Group LLP raised its position in shares of Acumen Pharmaceuticals by 26.5% in the third quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock valued at $367,000 after purchasing an additional 44,902 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Acumen Pharmaceuticals by 45.4% during the 3rd quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock valued at $365,000 after buying an additional 66,720 shares in 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.