Acumen Pharmaceuticals (NASDAQ:ABOS) Receives “Buy” Rating from BTIG Research

Acumen Pharmaceuticals (NASDAQ:ABOS)‘s stock had its “buy” rating reiterated by investment analysts at BTIG Research in a research note issued on Thursday,Benzinga reports. They currently have a $8.00 price target on the stock. BTIG Research’s target price suggests a potential upside of 216.83% from the company’s current price.

A number of other analysts have also recently commented on ABOS. Wall Street Zen cut shares of Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Acumen Pharmaceuticals Trading Down 4.0%

NASDAQ:ABOS traded down $0.11 during trading hours on Thursday, hitting $2.53. The company had a trading volume of 286,997 shares, compared to its average volume of 853,401. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.02 and a quick ratio of 6.02. The stock has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.15. The company has a market capitalization of $152.94 million, a PE ratio of -1.14 and a beta of 0.21. Acumen Pharmaceuticals has a 52 week low of $0.86 and a 52 week high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings results on Thursday, March 26th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.09. On average, equities research analysts predict that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Insider Transactions at Acumen Pharmaceuticals

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’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 value of $75,132.45. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 149,818 shares of company stock valued at $285,057. Insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in ABOS. AQR Capital Management LLC bought a new position in Acumen Pharmaceuticals in the 1st quarter valued at approximately $46,000. Marshall Wace LLP bought a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter worth $160,000. Qube Research & Technologies Ltd raised its stake in shares of Acumen Pharmaceuticals by 160.0% in the second quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock worth $67,000 after purchasing an additional 35,424 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Acumen Pharmaceuticals by 1,526.0% during the second 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 in the last quarter. Finally, Hudson Bay Capital Management LP lifted its holdings in shares of Acumen Pharmaceuticals by 7.1% during the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after purchasing an additional 55,004 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other 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.