Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Sees Significant Growth in Short Interest

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) was the recipient of a significant growth in short interest in the month of January. As of January 30th, there was short interest totaling 900,167 shares, a growth of 50.1% from the January 15th total of 599,667 shares. Based on an average trading volume of 2,325,666 shares, the days-to-cover ratio is currently 0.4 days. Currently, 1.6% of the shares of the company are short sold. Currently, 1.6% of the shares of the company are short sold. Based on an average trading volume of 2,325,666 shares, the days-to-cover ratio is currently 0.4 days.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ABOS shares. Bank of America dropped their price target on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. BTIG Research boosted their price target on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Wall Street Zen cut shares of Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report 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’s stock. According to MarketBeat, Acumen Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.80.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS opened at $2.51 on Monday. The company has a market capitalization of $152.03 million, a P/E ratio of -1.13 and a beta of 0.24. Acumen Pharmaceuticals has a 1-year low of $0.86 and a 1-year high of $3.05. The firm’s 50 day simple moving average is $2.15 and its two-hundred day simple moving average is $1.84. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.02 and a quick ratio of 6.02.

Insider Buying and Selling at Acumen Pharmaceuticals

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total transaction of $75,132.45. Following the transaction, the chief executive officer owned 619,982 shares in the company, valued at $1,233,764.18. This represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 149,818 shares of company stock worth $285,057 over the last three months. 7.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. bought a new stake in Acumen Pharmaceuticals during the third quarter valued at about $27,000. Independent Advisor Alliance purchased a new stake in shares of Acumen Pharmaceuticals during the fourth quarter worth about $40,000. PFG Investments LLC raised its stake in Acumen Pharmaceuticals by 65.2% during the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock valued at $40,000 after purchasing an additional 7,500 shares during the period. Marshall Wace LLP purchased a new position in Acumen Pharmaceuticals in the 4th quarter worth approximately $44,000. Finally, Marex Group plc purchased a new position in Acumen Pharmaceuticals in the 2nd quarter worth approximately $39,000. 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.