Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have earned an average rating of “Moderate Buy” from the five research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $6.75.

Several analysts have issued reports on ABOS shares. Wall Street Zen upgraded Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, December 21st. Bank of America dropped their price objective on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Tuesday, October 14th.

Acumen Pharmaceuticals Stock Down 2.7%

Shares of NASDAQ ABOS opened at $1.81 on Friday. Acumen Pharmaceuticals has a 12-month low of $0.86 and a 12-month high of $2.46. The stock has a market cap of $109.63 million, a PE ratio of -0.82 and a beta of 0.23. 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 company has a 50-day moving average of $1.94 and a 200 day moving average of $1.68.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its earnings results on Wednesday, November 12th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.19. As a group, sell-side analysts predict that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Insider Activity

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the firm’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 transaction of $75,132.45. Following the completion of the sale, the chief executive officer owned 619,982 shares in the company, valued at $1,233,764.18. This trade represents a 5.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 90,730 shares of company stock worth $178,587. 9.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABOS. SG Americas Securities LLC acquired a new position in shares of Acumen Pharmaceuticals in the 3rd quarter valued at $691,000. Y Intercept Hong Kong Ltd purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at about $291,000. Jane Street Group LLC lifted its position in Acumen Pharmaceuticals by 1,526.0% in the second quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock valued at $204,000 after buying an additional 164,866 shares during the last quarter. Marshall Wace LLP purchased a new position in Acumen Pharmaceuticals during the second quarter worth about $160,000. Finally, Bridgeway Capital Management LLC increased 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 valued at $325,000 after acquiring an additional 75,000 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.