Acumen Pharmaceuticals (NASDAQ:ABOS) Posts Earnings Results, Misses Estimates By $0.09 EPS

Acumen Pharmaceuticals (NASDAQ:ABOS) released its quarterly earnings results on Tuesday. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.09), FiscalAI reports.

Acumen Pharmaceuticals Stock Performance

NASDAQ:ABOS opened at $2.51 on Thursday. The company has a market capitalization of $181.30 million, a price-to-earnings ratio of -1.35 and a beta of 0.36. The business has a 50 day moving average of $2.36 and a 200 day moving average of $2.55. 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 1-year low of $1.21 and a 1-year high of $3.60.

Insider Activity at Acumen Pharmaceuticals

In other Acumen Pharmaceuticals 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 value of $30,383.20. Following the completion of the sale, the director directly owned 35,500 shares of the company’s stock, 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 the SEC website. Over the last 90 days, insiders have sold 38,700 shares of company stock worth $89,660. 10.20% of the stock is currently owned by company insiders.

Institutional Trading of Acumen Pharmaceuticals

A number of institutional investors have recently made changes to their positions in ABOS. Hudson Bay Capital Management LP raised its holdings in Acumen Pharmaceuticals by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after buying an additional 55,004 shares during the last quarter. Geode Capital Management LLC increased its position 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 acquiring an additional 11,428 shares during the period. Susquehanna International Group LLP raised its stake in shares of Acumen Pharmaceuticals by 26.5% during the third quarter. Susquehanna International Group LLP now owns 214,440 shares of the company’s stock valued at $367,000 after acquiring an additional 44,902 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Acumen Pharmaceuticals by 45.4% during the third quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock valued at $365,000 after acquiring an additional 66,720 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Acumen Pharmaceuticals by 65.1% during the third quarter. Bridgeway Capital Management LLC now owns 190,171 shares of the company’s stock worth $325,000 after purchasing an additional 75,000 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on ABOS shares. Wall Street Zen cut Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.00.

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.