Acumen Pharmaceuticals (NASDAQ:ABOS) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Acumen Pharmaceuticals (NASDAQ:ABOS) from a hold rating to a sell rating in a research note published on Saturday morning.

Several other brokerages have also recently weighed in on ABOS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Friday, January 9th. BTIG Research boosted their price target on shares of Acumen Pharmaceuticals from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, March 16th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.00.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS opened at $2.71 on Friday. Acumen Pharmaceuticals has a fifty-two week low of $0.86 and a fifty-two week high of $3.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 6.02 and a current ratio of 6.02. The company has a 50 day moving average price of $2.64 and a 200 day moving average price of $2.14. The stock has a market capitalization of $164.14 million, a P/E ratio of -1.22 and a beta of 0.20.

Insiders Place Their Bets

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 37,755 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total value of $75,132.45. Following the completion of the transaction, the chief executive officer owned 619,982 shares in the company, valued at $1,233,764.18. This represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 149,818 shares of company stock valued at $285,057 over the last three months. 7.10% of the stock is owned by insiders.

Institutional Trading of Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Acumen Pharmaceuticals in the 3rd quarter valued at about $27,000. Independent Advisor Alliance purchased a new position in Acumen Pharmaceuticals during the 4th quarter worth approximately $40,000. PFG Investments LLC grew its stake in Acumen Pharmaceuticals by 65.2% during the 4th 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. Marshall Wace LLP acquired a new position in Acumen Pharmaceuticals during the fourth quarter worth approximately $44,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Acumen Pharmaceuticals during the fourth quarter worth approximately $47,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.