HC Wainwright Reaffirms “Buy” Rating for Acumen Pharmaceuticals (NASDAQ:ABOS)

HC Wainwright reissued their buy rating on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a research report report published on Wednesday, Benzinga reports. They currently have a $15.00 price target on the stock. HC Wainwright also issued estimates for Acumen Pharmaceuticals’ Q1 2024 earnings at ($0.26) EPS, Q2 2024 earnings at ($0.26) EPS, Q3 2024 earnings at ($0.26) EPS, Q4 2024 earnings at ($0.26) EPS, FY2024 earnings at ($1.05) EPS, FY2025 earnings at ($1.14) EPS, FY2026 earnings at ($1.35) EPS, FY2027 earnings at ($1.47) EPS and FY2028 earnings at ($1.16) EPS.

Separately, Deutsche Bank Aktiengesellschaft began coverage on Acumen Pharmaceuticals in a research note on Tuesday, December 12th. They issued a buy rating and a $8.00 price objective for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Acumen Pharmaceuticals presently has a consensus rating of Buy and a consensus price target of $12.25.

Acumen Pharmaceuticals Stock Performance

Shares of ABOS opened at $4.05 on Wednesday. The stock has a 50-day simple moving average of $3.71 and a 200-day simple moving average of $3.51. The company has a debt-to-equity ratio of 0.11, a quick ratio of 35.85 and a current ratio of 19.01. The stock has a market capitalization of $243.32 million, a PE ratio of -3.72 and a beta of 0.10. Acumen Pharmaceuticals has a 1 year low of $1.81 and a 1 year high of $11.31.

Insider Buying and Selling

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 15,200 shares of the company’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $3.47, for a total value of $52,744.00. Following the sale, the chief executive officer now owns 502,485 shares of the company’s stock, valued at $1,743,622.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Daniel Joseph Oconnell sold 15,200 shares of the stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $3.47, for a total transaction of $52,744.00. Following the transaction, the chief executive officer now directly owns 502,485 shares in the company, valued at $1,743,622.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Derek M. Meisner sold 8,933 shares of the company’s stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $3.48, for a total value of $31,086.84. Following the sale, the insider now owns 108,867 shares of the company’s stock, valued at $378,857.16. The disclosure for this sale can be found here. Insiders have sold 31,208 shares of company stock valued at $110,136 over the last quarter. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of large investors have recently modified their holdings of ABOS. UBS Group AG acquired a new stake in shares of Acumen Pharmaceuticals in the third quarter valued at about $27,000. California State Teachers Retirement System grew its stake in shares of Acumen Pharmaceuticals by 114.9% in the first quarter. California State Teachers Retirement System now owns 12,162 shares of the company’s stock valued at $48,000 after buying an additional 6,503 shares in the last quarter. American International Group Inc. grew its stake in shares of Acumen Pharmaceuticals by 163.3% in the first quarter. American International Group Inc. now owns 14,047 shares of the company’s stock valued at $55,000 after buying an additional 8,712 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Acumen Pharmaceuticals in the fourth quarter valued at about $55,000. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Acumen Pharmaceuticals in the third quarter valued at about $56,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.