Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Given Average Rating of “Moderate Buy” by Brokerages

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $6.80.

ABOS has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. Bank of America dropped their price objective on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. BTIG Research raised their target price on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Finally, Wall Street Zen cut shares of Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st.

Insiders Place Their Bets

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of the stock in a transaction dated Wednesday, January 7th. The shares were 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 approximately $1,233,764.18. This trade represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 149,818 shares of company stock worth $285,057 in the last quarter. Corporate insiders own 9.30% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Independent Advisor Alliance purchased a new position in Acumen Pharmaceuticals in the 4th quarter valued at approximately $40,000. PFG Investments LLC grew its holdings in Acumen Pharmaceuticals by 65.2% in the fourth 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 last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Acumen Pharmaceuticals in the third quarter valued at $27,000. Susquehanna International Group LLP increased its holdings in Acumen Pharmaceuticals by 26.5% during the 3rd quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock valued at $367,000 after acquiring an additional 44,902 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Acumen Pharmaceuticals by 45.4% during the third quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock worth $365,000 after acquiring an additional 66,720 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS opened at $2.43 on Thursday. Acumen Pharmaceuticals has a one year low of $0.86 and a one year high of $3.05. The stock has a market capitalization of $147.00 million, a price-to-earnings ratio of -1.09 and a beta of 0.24. The company has a 50-day simple moving average of $2.07 and a 200-day simple moving average of $1.80. The company has a debt-to-equity ratio of 0.29, a quick ratio of 6.02 and a current ratio of 6.02.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.19. On average, analysts predict that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

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.