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

HC Wainwright reaffirmed their buy rating on shares of Acumen Pharmaceuticals (NASDAQ:ABOS) in a report published on Wednesday, Benzinga reports. HC Wainwright currently has a $15.00 target price 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 started coverage on shares of Acumen Pharmaceuticals in a research report 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, According to data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of $12.25.

Acumen Pharmaceuticals Stock Down 1.2 %

Shares of NASDAQ ABOS opened at $4.05 on Wednesday. Acumen Pharmaceuticals has a 12-month low of $1.81 and a 12-month high of $11.31. The company has a market capitalization of $243.32 million, a PE ratio of -3.72 and a beta of 0.10. The company has a debt-to-equity ratio of 0.11, a current ratio of 19.01 and a quick ratio of 35.85. The firm’s 50-day moving average is $3.71 and its two-hundred day moving average is $3.51.

Insider Activity

In other news, insider Derek M. Meisner sold 8,933 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $3.48, for a total value of $31,086.84. Following the completion of the transaction, the insider now owns 108,867 shares of the company’s stock, valued at $378,857.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Daniel Joseph Oconnell sold 15,200 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $3.47, for a total transaction of $52,744.00. Following the completion of the transaction, the chief executive officer now owns 502,485 shares of the company’s stock, valued at $1,743,622.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Derek M. Meisner sold 8,933 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $3.48, for a total transaction of $31,086.84. Following the transaction, the insider now directly owns 108,867 shares of the company’s stock, valued at approximately $378,857.16. The disclosure for this sale can be found here. Insiders sold a total of 31,208 shares of company stock valued at $110,136 over the last 90 days. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several institutional investors have recently bought and sold shares of ABOS. UBS Group AG purchased a new stake in Acumen Pharmaceuticals during the third quarter worth approximately $27,000. California State Teachers Retirement System grew its stake in Acumen Pharmaceuticals by 114.9% during the first quarter. California State Teachers Retirement System now owns 12,162 shares of the company’s stock worth $48,000 after buying an additional 6,503 shares during the period. American International Group Inc. grew its stake in Acumen Pharmaceuticals by 163.3% during the first quarter. American International Group Inc. now owns 14,047 shares of the company’s stock worth $55,000 after buying an additional 8,712 shares during the period. Jane Street Group LLC purchased a new stake in Acumen Pharmaceuticals during the fourth quarter worth approximately $55,000. Finally, Chicago Partners Investment Group LLC purchased a new stake in Acumen Pharmaceuticals during the third quarter worth approximately $56,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.