Acumen Pharmaceuticals (NASDAQ:ABOS) Cut to “Sell” at Wall Street Zen

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

Other equities research analysts also recently issued reports about the company. Bank of America dropped their price objective on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. Finally, BTIG Research lifted their price objective on Acumen Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Acumen Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.80.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS opened at $2.59 on Friday. The firm’s fifty day simple moving average is $2.05 and its 200 day simple moving average is $1.79. The firm has a market capitalization of $156.88 million, a price-to-earnings ratio of -1.17 and a beta of 0.24. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.05. 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 (NASDAQ:ABOS) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.19. As a group, equities research analysts expect that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was 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 in the company, valued at $1,233,764.18. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 149,818 shares of company stock valued at $285,057 in the last ninety days. 7.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP grew its position in Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after buying an additional 55,004 shares during the last quarter. SG Americas Securities LLC bought a new position in Acumen Pharmaceuticals during the third quarter worth about $691,000. Y Intercept Hong Kong Ltd acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at $291,000. Susquehanna International Group LLP raised its position in shares of Acumen Pharmaceuticals by 26.5% in the third quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock valued at $367,000 after purchasing an additional 44,902 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Acumen Pharmaceuticals by 45.4% during the 3rd 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 period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.