BTIG Research Issues Positive Forecast for Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price objective raised by BTIG Research from $4.00 to $7.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also commented on ABOS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Bank of America decreased their target price on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, Wall Street Zen raised Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, December 21st. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Acumen Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $6.80.

Acumen Pharmaceuticals Trading Up 30.8%

Shares of NASDAQ ABOS opened at $2.72 on Tuesday. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29. Acumen Pharmaceuticals has a 12 month low of $0.86 and a 12 month high of $3.01. The company has a market cap of $164.75 million, a price-to-earnings ratio of -1.23 and a beta of 0.23. The business has a fifty day simple moving average of $1.96 and a 200-day simple moving average of $1.75.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.19. Sell-side analysts predict that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

Insider Buying and Selling at Acumen Pharmaceuticals

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 619,982 shares in the company, valued at approximately $1,233,764.18. This trade represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 149,818 shares of company stock valued at $285,057 over the last 90 days. Corporate insiders own 7.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals during the 1st quarter valued at about $46,000. Y Intercept Hong Kong Ltd acquired a new stake in Acumen Pharmaceuticals in the second quarter valued at approximately $291,000. Marshall Wace LLP bought a new stake in Acumen Pharmaceuticals in the second quarter worth approximately $160,000. Qube Research & Technologies Ltd increased its stake in shares of Acumen Pharmaceuticals by 160.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock worth $67,000 after purchasing an additional 35,424 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Acumen Pharmaceuticals by 1,526.0% during the 2nd quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock valued at $204,000 after purchasing an additional 164,866 shares in the last quarter. 71.01% of the stock is 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.