Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Receives $6.80 Consensus Price Target from Analysts

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $6.80.

Several brokerages have recently issued reports on ABOS. Wall Street Zen raised shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Bank of America dropped their price objective on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Finally, BTIG Research increased their price target on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a report on Tuesday, January 27th.

Insider Activity

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total transaction of $75,132.45. Following the completion of the transaction, the chief executive officer directly owned 619,982 shares in the company, valued at approximately $1,233,764.18. This represents a 5.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 149,818 shares of company stock valued at $285,057. Corporate insiders own 9.30% of the company’s stock.

Institutional Trading of Acumen Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in ABOS. Hudson Bay Capital Management LP raised its stake in Acumen Pharmaceuticals by 7.1% during the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after acquiring an additional 55,004 shares during the period. Geode Capital Management LLC grew its holdings in shares of Acumen Pharmaceuticals by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 410,206 shares of the company’s stock valued at $866,000 after purchasing an additional 11,428 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Acumen Pharmaceuticals during the 3rd quarter worth approximately $691,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter worth approximately $291,000. Finally, Susquehanna International Group LLP boosted its position in Acumen Pharmaceuticals by 26.5% during the 3rd 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. Institutional investors own 71.01% of the company’s stock.

Acumen Pharmaceuticals Price Performance

ABOS opened at $3.31 on Monday. Acumen Pharmaceuticals has a 12 month low of $0.86 and a 12 month high of $3.41. 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 business has a 50-day moving average of $2.34 and a two-hundred day moving average of $1.97. The stock has a market capitalization of $200.49 million, a price-to-earnings ratio of -1.49 and a beta of 0.21.

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.