Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target Raised to $7.00 at BTIG Research

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price target boosted by equities researchers at BTIG Research from $4.00 to $7.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price objective indicates a potential upside of 236.54% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Bank of America decreased their price target on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, Wall Street Zen upgraded shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, December 21st. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $6.80.

Acumen Pharmaceuticals Stock Performance

NASDAQ ABOS opened at $2.08 on Tuesday. The firm’s fifty day moving average price is $1.94 and its two-hundred day moving average price is $1.74. The stock has a market cap of $125.99 million, a PE ratio of -0.94 and a beta of 0.23. 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 has a fifty-two week low of $0.86 and a fifty-two week high of $3.01.

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 the consensus estimate of ($0.63) by $0.19. On average, equities analysts expect that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Insider Buying and Selling at Acumen Pharmaceuticals

In other 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 value of $75,132.45. Following the transaction, the chief executive officer directly owned 619,982 shares of the company’s stock, valued at $1,233,764.18. The trade was a 5.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 149,818 shares of company stock valued at $285,057. Company insiders own 7.10% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in shares of Acumen Pharmaceuticals during the 3rd quarter worth approximately $691,000. Y Intercept Hong Kong Ltd bought a new position in Acumen Pharmaceuticals during the second quarter worth $291,000. Jane Street Group LLC grew its holdings in Acumen Pharmaceuticals by 1,526.0% in 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 during the period. Marshall Wace LLP bought a new stake in Acumen Pharmaceuticals in the second quarter valued at $160,000. Finally, Bridgeway Capital Management LLC raised 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. 71.01% of the stock is currently owned by institutional investors.

Acumen Pharmaceuticals Company Profile

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.