Acumen Pharmaceuticals (NASDAQ:ABOS) Given New $8.00 Price Target at BTIG Research

Acumen Pharmaceuticals (NASDAQ:ABOS) had its target price boosted by BTIG Research from $7.00 to $8.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

ABOS has been the topic of a number of other research reports. Wall Street Zen raised Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Bank of America reduced their price objective on Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Friday, January 9th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Acumen Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Acumen Pharmaceuticals Trading Up 2.1%

Shares of Acumen Pharmaceuticals stock opened at $3.34 on Monday. 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 market capitalization of $202.30 million, a P/E ratio of -1.50 and a beta of 0.20. Acumen Pharmaceuticals has a 1 year low of $0.86 and a 1 year high of $3.60. The company’s fifty day moving average is $2.54 and its two-hundred day moving average is $2.08.

Insider Buying and Selling

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer owned 619,982 shares in the company, valued at $1,233,764.18. This trade represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 149,818 shares of company stock valued at $285,057 in the last three months. 7.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Hudson Bay Capital Management LP raised its stake in shares of Acumen Pharmaceuticals by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after buying an additional 55,004 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Acumen Pharmaceuticals by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 410,206 shares of the company’s stock valued at $866,000 after buying an additional 11,428 shares in the last quarter. SG Americas Securities LLC acquired a new position in Acumen Pharmaceuticals during the third quarter worth $691,000. Susquehanna International Group LLP grew its holdings in Acumen Pharmaceuticals by 26.5% during the third quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock worth $367,000 after acquiring an additional 44,902 shares during the period. Finally, Bank of America Corp DE raised its position in Acumen Pharmaceuticals by 45.4% in the third quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock worth $365,000 after acquiring an additional 66,720 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other 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.