Analysts Set Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Price Target at $6.75

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) has earned a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $6.75.

A number of analysts have commented on ABOS shares. Bank of America decreased their target price on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Wall Street Zen upgraded shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, December 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ ABOS opened at $1.89 on Friday. The firm has a market capitalization of $114.48 million, a P/E ratio of -0.85 and a beta of 0.23. Acumen Pharmaceuticals has a one year low of $0.86 and a one year high of $2.46. The company’s fifty day moving average is $1.93 and its two-hundred day moving average is $1.71. 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 announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.19. Analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 127,620 shares of company stock valued at $244,607 in the last 90 days. 9.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. purchased a new position in Acumen Pharmaceuticals in the third quarter valued at about $27,000. Susquehanna International Group LLP lifted its holdings in Acumen Pharmaceuticals by 26.5% in the third quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock worth $367,000 after acquiring an additional 44,902 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Acumen Pharmaceuticals by 45.4% in 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. Bridgeway Capital Management LLC increased its holdings in shares of Acumen Pharmaceuticals by 65.1% during the third quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock valued at $325,000 after purchasing an additional 75,000 shares during the period. Finally, SG Americas Securities LLC bought a new position in Acumen Pharmaceuticals during the 3rd quarter valued at $691,000. Institutional investors and hedge funds 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.