Brokerages Set Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Price Target at $6.80

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $6.80.

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. BTIG Research upped their price target on shares of Acumen Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Wall Street Zen cut Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Finally, Bank of America reduced their price objective 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.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS opened at $2.40 on Thursday. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.05. 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 stock’s 50-day simple moving average is $2.09 and its 200 day simple moving average is $1.81. The firm has a market capitalization of $145.37 million, a PE ratio of -1.08 and a beta of 0.24.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its earnings results on Wednesday, November 12th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.19. On average, analysts anticipate that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Insider Buying and Selling at Acumen Pharmaceuticals

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total transaction of $75,132.45. Following the sale, the chief executive officer directly owned 619,982 shares in the company, valued at approximately $1,233,764.18. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 149,818 shares of company stock worth $285,057 in the last quarter. Insiders own 9.30% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd bought a new position in shares of Acumen Pharmaceuticals during the second quarter valued at $291,000. SG Americas Securities LLC acquired a new stake in Acumen Pharmaceuticals in the third quarter valued at $691,000. Bridgeway Capital Management LLC increased its holdings in Acumen Pharmaceuticals by 65.1% in the third quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock valued at $325,000 after purchasing an additional 75,000 shares during the period. Hudson Bay Capital Management LP raised its position in Acumen Pharmaceuticals by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after purchasing an additional 55,004 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in Acumen Pharmaceuticals by 1,526.0% during the 2nd quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock worth $204,000 after buying an additional 164,866 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.