Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Given Average Rating of “Moderate Buy” by Analysts

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) have been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $6.80.

ABOS has been the subject of a number of research reports. Bank of America reduced their price target on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. BTIG Research increased their price objective on shares of Acumen Pharmaceuticals from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Finally, Wall Street Zen raised Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS opened at $3.31 on Monday. The company has a quick ratio of 6.02, a current ratio of 6.02 and a debt-to-equity ratio of 0.29. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.41. The company has a fifty day moving average of $2.39 and a 200-day moving average of $2.00. The firm has a market capitalization of $200.49 million, a P/E ratio of -1.49 and a beta of 0.21.

Insider Buying and Selling

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of the firm’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 value 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. This trade represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 149,818 shares of company stock valued at $285,057 over the last ninety days. Company insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Acumen Pharmaceuticals in the 3rd quarter worth $27,000. Marex Group plc bought a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at $39,000. Independent Advisor Alliance acquired a new position in Acumen Pharmaceuticals during the fourth quarter worth $40,000. PFG Investments LLC raised its holdings in Acumen Pharmaceuticals by 65.2% during the fourth quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock worth $40,000 after buying an additional 7,500 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Acumen Pharmaceuticals in the fourth quarter valued at $44,000. 71.01% of the stock is owned by institutional investors and hedge funds.

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.