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

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. BTIG Research restated a “buy” rating and set a $8.00 price target on shares of Acumen Pharmaceuticals in a research report on Thursday, March 26th. Wall Street Zen upgraded Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, March 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Wednesday, April 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.67.

Acumen Pharmaceuticals Trading Down 6.1%

The company has a current ratio of 4.55, a quick ratio of 4.55 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $2.51 and a two-hundred 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.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.07. Equities analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.39 EPS for the current year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. purchased a new stake in Acumen Pharmaceuticals in the 3rd quarter worth approximately $27,000. Sei Investments Co. purchased a new position in shares of Acumen Pharmaceuticals in the 1st quarter valued at approximately $27,000. Marex Group plc purchased a new position in shares of Acumen Pharmaceuticals in the 2nd quarter valued at approximately $39,000. Independent Advisor Alliance purchased a new position in shares of Acumen Pharmaceuticals in the 4th quarter valued at approximately $40,000. Finally, PFG Investments LLC lifted its stake in shares of Acumen Pharmaceuticals by 65.2% in the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock valued at $40,000 after purchasing an additional 7,500 shares during the period. 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.