Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price Expected to Rise, BTIG Research Analyst Says

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price objective raised by stock analysts at BTIG Research from $7.00 to $8.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price target indicates a potential upside of 158.90% from the company’s previous close.

A number of other analysts also recently commented on the stock. Bank of America dropped their target price on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Wall Street Zen upgraded shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.00.

Acumen Pharmaceuticals Price Performance

Shares of Acumen Pharmaceuticals stock opened at $3.09 on Monday. Acumen Pharmaceuticals has a 52 week low of $0.86 and a 52 week high of $3.60. 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 stock has a market cap of $187.16 million, a PE ratio of -1.39 and a beta of 0.21. The company’s 50-day moving average price is $2.56 and its two-hundred day moving average price is $2.10.

Insider Buying and Selling

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of Acumen Pharmaceuticals 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 transaction, 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 legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 149,818 shares of company stock worth $285,057. Company insiders own 7.10% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. bought a new position in shares of Acumen Pharmaceuticals during the 3rd quarter valued at about $27,000. Independent Advisor Alliance bought a new stake in Acumen Pharmaceuticals during the 4th quarter worth approximately $40,000. PFG Investments LLC raised its holdings in Acumen Pharmaceuticals by 65.2% during the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock worth $40,000 after buying an additional 7,500 shares during the period. Marshall Wace LLP bought a new position in Acumen Pharmaceuticals in the fourth quarter valued at approximately $44,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Acumen Pharmaceuticals in the fourth quarter valued at approximately $47,000. 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.