Acumen Pharmaceuticals (NASDAQ:ABOS) Rating Lowered to “Sell” at Wall Street Zen

Acumen Pharmaceuticals (NASDAQ:ABOS) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

ABOS has been the subject of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Monday, July 6th. BTIG Research reissued a “buy” rating and issued a $8.00 price objective on shares of Acumen Pharmaceuticals in a report on Thursday, March 26th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.00.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS traded down $0.07 during trading hours on Friday, hitting $2.63. 318,430 shares of the company were exchanged, compared to its average volume of 667,209. 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 has a 52-week low of $1.19 and a 52-week high of $3.60. The stock has a market capitalization of $189.96 million, a price-to-earnings ratio of -1.41 and a beta of 0.34. The company’s 50 day moving average price is $2.44 and its 200-day moving average price is $2.49.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.07. As a group, research analysts forecast that Acumen Pharmaceuticals will post -1.39 earnings per share for the current year.

Insider Activity

In related news, Director Derrell Porter sold 13,040 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $2.33, for a total transaction of $30,383.20. Following the completion of the transaction, the director directly owned 35,500 shares in the company, valued at $82,715. The trade was a 26.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 38,700 shares of company stock worth $89,660 over the last three months. Company insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. ADAR1 Capital Management LLC boosted its stake in shares of Acumen Pharmaceuticals by 142.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company’s stock worth $5,089,000 after buying an additional 1,265,151 shares during the last quarter. Hudson Bay Capital Management LP lifted its holdings in Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after acquiring an additional 55,004 shares during the period. SG Americas Securities LLC lifted its holdings in Acumen Pharmaceuticals by 79.3% in the first quarter. SG Americas Securities LLC now owns 719,257 shares of the company’s stock valued at $1,697,000 after acquiring an additional 318,210 shares during the period. Renaissance Technologies LLC boosted its position in Acumen Pharmaceuticals by 12.0% in the 1st quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock worth $1,119,000 after purchasing an additional 50,846 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Acumen Pharmaceuticals by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 410,206 shares of the company’s stock worth $866,000 after purchasing an additional 11,428 shares in the last quarter. 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.