Acumen Pharmaceuticals (NASDAQ:ABOS) Shares Down 6.1% – Should You Sell?

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) shares dropped 6.1% during trading on Friday . The company traded as low as $2.12 and last traded at $2.15. Approximately 319,605 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 306,957 shares. The stock had previously closed at $2.29.

Analyst Upgrades and Downgrades

ABOS has been the subject of a number of research analyst reports. BTIG Research restated a “buy” rating and issued a $8.00 target price on shares of Acumen Pharmaceuticals in a research note on Thursday, March 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Wednesday, April 8th. Finally, Wall Street Zen upgraded Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $6.67.

Acumen Pharmaceuticals Stock Down 6.1%

The stock has a 50 day simple moving average of $2.51 and a 200-day simple moving average of $2.39. The firm has a market cap of $155.29 million, a PE ratio of -1.16 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.55 and a quick ratio of 4.55.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. Sell-side analysts predict that Acumen Pharmaceuticals, Inc. will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP purchased a new position in Acumen Pharmaceuticals during the fourth quarter valued at $44,000. Marex Group plc bought a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter worth $39,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Acumen Pharmaceuticals in the 3rd quarter worth $27,000. Bank of America Corp DE increased its holdings in shares of Acumen Pharmaceuticals by 33.3% in the 1st quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock worth $756,000 after purchasing an additional 80,064 shares in the last quarter. Finally, Sei Investments Co. bought a new stake in shares of Acumen Pharmaceuticals in the 1st quarter worth $27,000. 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.