Acumen Pharmaceuticals (NASDAQ:ABOS) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a sell rating to a hold rating in a research note issued to investors on Saturday.

ABOS has been the subject of several other research reports. Bank of America dropped their price target on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Finally, BTIG Research lifted their target price on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Acumen Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $6.80.

Acumen Pharmaceuticals Trading Down 5.5%

Shares of ABOS stock opened at $2.57 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. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.05. The company’s 50-day moving average price is $2.21 and its 200-day moving average price is $1.88. The stock has a market cap of $155.66 million, a price-to-earnings ratio of -1.16 and a beta of 0.24.

Insider Transactions at Acumen Pharmaceuticals

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of Acumen Pharmaceuticals stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total value of $75,132.45. Following the completion of the transaction, the chief executive officer directly owned 619,982 shares of the company’s stock, valued at $1,233,764.18. The trade was a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders sold 149,818 shares of company stock worth $285,057. 9.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Acumen Pharmaceuticals in the 3rd quarter valued at approximately $691,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Acumen Pharmaceuticals in the second quarter valued at $291,000. Jane Street Group LLC boosted its holdings in Acumen Pharmaceuticals by 1,526.0% in the second 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 during the period. Marshall Wace LLP purchased a new position in Acumen Pharmaceuticals in the second quarter valued at $160,000. Finally, Bridgeway Capital Management LLC grew its stake in Acumen Pharmaceuticals by 65.1% during the 3rd quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock worth $325,000 after purchasing an additional 75,000 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

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.