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

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

Several other research analysts have also commented on ABOS. BTIG Research restated a “buy” rating and issued a $8.00 price target on shares of Acumen Pharmaceuticals in a report on Thursday, March 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.67.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS opened at $2.19 on Friday. The company has a market cap of $132.65 million, a P/E ratio of -1.09 and a beta of 0.21. The business has a fifty day simple moving average of $2.70 and a 200-day simple moving average of $2.17. Acumen Pharmaceuticals has a 52 week low of $0.86 and a 52 week high of $3.60. The company has a quick ratio of 4.07, a current ratio of 4.07 and a debt-to-equity ratio of 0.32.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its earnings results on Thursday, March 26th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.09. The business had revenue of ($0.09) million for the quarter. Equities research analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

Insider Activity at Acumen Pharmaceuticals

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’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 owned 619,982 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 149,818 shares of company stock worth $285,057 in the last 90 days. Insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of ABOS. SG Americas Securities LLC purchased a new position in Acumen Pharmaceuticals in the 3rd quarter worth approximately $691,000. Jane Street Group LLC raised its stake 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 during the period. Marshall Wace LLP acquired a new position in shares of Acumen Pharmaceuticals during the second quarter worth $160,000. Bridgeway Capital Management LLC lifted its position in shares of Acumen Pharmaceuticals by 65.1% during the third quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock worth $325,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Acumen Pharmaceuticals by 45.4% in the third quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock valued at $365,000 after purchasing an additional 66,720 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

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.