Acumen Pharmaceuticals (NASDAQ:ABOS) Given “Buy” Rating at BTIG Research

BTIG Research reiterated their buy rating on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a $8.00 price objective on the stock.

Several other equities research analysts have also commented on ABOS. Wall Street Zen lowered shares of Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Acumen Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Acumen Pharmaceuticals Stock Down 3.0%

NASDAQ:ABOS opened at $2.55 on Thursday. 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 company’s fifty day moving average price is $2.69 and its 200-day moving average price is $2.15. Acumen Pharmaceuticals has a 1-year low of $0.86 and a 1-year high of $3.60. The firm has a market capitalization of $154.45 million, a P/E ratio of -1.15 and a beta of 0.21.

Insider Buying and Selling at Acumen Pharmaceuticals

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction dated Wednesday, January 7th. The shares were 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 of the company’s stock, valued at $1,233,764.18. This represents a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 149,818 shares of company stock valued at $285,057 in the last three months. Corporate insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of ABOS. Dimensional Fund Advisors LP grew its holdings in Acumen Pharmaceuticals by 12.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 49,062 shares of the company’s stock valued at $104,000 after purchasing an additional 5,538 shares during the period. PFG Investments LLC raised its stake in shares of 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. Geode Capital Management LLC raised its stake in shares of Acumen Pharmaceuticals by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 410,206 shares of the company’s stock worth $866,000 after buying an additional 11,428 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Acumen Pharmaceuticals during the 3rd quarter valued at approximately $27,000. Finally, Independent Advisor Alliance purchased a new position in shares of Acumen Pharmaceuticals during the 4th quarter valued at approximately $40,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.