Acumen Pharmaceuticals’ (ABOS) Buy Rating Reaffirmed at BTIG Research

Acumen Pharmaceuticals (NASDAQ:ABOS)‘s stock had its “buy” rating restated by investment analysts at BTIG Research in a report released on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock. BTIG Research’s price target indicates a potential upside of 216.83% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. Wall Street Zen downgraded Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Acumen Pharmaceuticals Stock Performance

ABOS stock traded down $0.11 on Thursday, hitting $2.53. The company had a trading volume of 286,997 shares, compared to its average volume of 853,401. Acumen Pharmaceuticals has a 12-month low of $0.86 and a 12-month high of $3.60. The company has a current ratio of 6.02, a quick ratio of 6.02 and a debt-to-equity ratio of 0.29. The stock’s 50-day simple moving average is $2.68 and its 200 day simple moving average is $2.15. The stock has a market cap of $152.94 million, a price-to-earnings ratio of -1.14 and a beta of 0.21.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its earnings results on Thursday, March 26th. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.09. As a group, equities research analysts expect that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’s stock in a transaction on 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 sale, the chief executive officer directly owned 619,982 shares in the company, valued at $1,233,764.18. This represents a 5.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last ninety days, insiders have sold 149,818 shares of company stock worth $285,057. Insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ABOS. AQR Capital Management LLC purchased a new position in Acumen Pharmaceuticals during the first quarter valued at approximately $46,000. Marshall Wace LLP bought a new stake in shares of Acumen Pharmaceuticals during the 2nd quarter valued at $160,000. Qube Research & Technologies Ltd raised its holdings in Acumen Pharmaceuticals by 160.0% during the second quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock valued at $67,000 after acquiring an additional 35,424 shares during the period. Jane Street Group LLC grew its position in shares of Acumen Pharmaceuticals by 1,526.0% during the second quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock worth $204,000 after purchasing an additional 164,866 shares in the last quarter. Finally, Hudson Bay Capital Management LP grew its position in shares of Acumen Pharmaceuticals by 7.1% during the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after purchasing an additional 55,004 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

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.