Acumen Pharmaceuticals (NASDAQ:ABOS) Upgraded at Wall Street Zen

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

A number of other equities research analysts have also recently issued reports on ABOS. Bank of America reduced their target price on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. Finally, BTIG Research boosted their price objective on shares of Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $6.80.

Acumen Pharmaceuticals Stock Performance

ABOS opened at $2.57 on Friday. The business has a fifty day simple moving average of $2.21 and a 200 day simple moving average of $1.88. The company has a market capitalization of $155.66 million, a PE ratio of -1.16 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 company has a debt-to-equity ratio of 0.29, a current ratio of 6.02 and a quick ratio of 6.02.

Insiders Place Their Bets

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’s 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 completion of the sale, the chief executive officer owned 619,982 shares of the company’s stock, valued at $1,233,764.18. This represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 149,818 shares of company stock worth $285,057 over the last three months. Corporate insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Acumen Pharmaceuticals during the 3rd quarter worth approximately $27,000. Marex Group plc acquired a new position in Acumen Pharmaceuticals during the second quarter valued at approximately $39,000. Independent Advisor Alliance bought a new stake in Acumen Pharmaceuticals during the fourth quarter worth $40,000. PFG Investments LLC boosted its holdings in shares of 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 purchasing an additional 7,500 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Acumen Pharmaceuticals in the 4th quarter valued at $44,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.