Acumen Pharmaceuticals (NASDAQ:ABOS) Rating Lowered to Sell at Wall Street Zen

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other equities research analysts also recently weighed in on ABOS. Bank of America cut their price objective on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. BTIG Research boosted their price target on shares of Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.80.

Acumen Pharmaceuticals Stock Down 6.8%

ABOS stock opened at $2.60 on Friday. 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 firm has a market cap of $157.48 million, a PE ratio of -1.17 and a beta of 0.23. Acumen Pharmaceuticals has a 1 year low of $0.86 and a 1 year high of $3.05. The company has a fifty day simple moving average of $2.03 and a 200 day simple moving average of $1.77.

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 anticipate that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Insider Transactions at Acumen Pharmaceuticals

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total value 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. This trade represents 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 have sold a total of 149,818 shares of company stock worth $285,057 in the last ninety days. 9.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Hedge funds have recently modified their holdings of the business. PFG Investments LLC increased its stake in Acumen Pharmaceuticals by 65.2% in the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock valued at $40,000 after buying an additional 7,500 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Acumen Pharmaceuticals in the 3rd quarter valued at about $27,000. Marex Group plc bought a new position in shares of Acumen Pharmaceuticals in the 2nd quarter valued at about $39,000. Qube Research & Technologies Ltd increased its position in shares of Acumen Pharmaceuticals by 160.0% in the second quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock valued at $67,000 after acquiring an additional 35,424 shares during the last quarter. Finally, AQR Capital Management LLC bought a new stake in Acumen Pharmaceuticals during the first quarter worth about $46,000. Institutional investors and hedge funds 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.