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

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

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

Acumen Pharmaceuticals Trading Down 2.6%

NASDAQ:ABOS traded down $0.07 during midday trading on Friday, hitting $2.63. The stock had a trading volume of 318,430 shares, compared to its average volume of 667,209. Acumen Pharmaceuticals has a one year low of $1.19 and a one year high of $3.60. The company has a market capitalization of $189.96 million, a price-to-earnings ratio of -1.41 and a beta of 0.34. The stock has a 50-day moving average of $2.44 and a 200 day moving average of $2.49. The company has a quick ratio of 4.55, a current ratio of 4.55 and a debt-to-equity ratio of 0.19.

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

Insider Buying and Selling

In other Acumen Pharmaceuticals news, Director Derrell Porter sold 13,040 shares of the stock in a transaction dated 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 sale, the director directly owned 35,500 shares of the company’s stock, valued at approximately $82,715. This represents a 26.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 38,700 shares of company stock valued at $89,660 in the last ninety days. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. purchased a new position in Acumen Pharmaceuticals in the third quarter worth $27,000. Sei Investments Co. acquired a new stake in shares of Acumen Pharmaceuticals in the 1st quarter worth $27,000. Marex Group plc acquired a new stake in shares of Acumen Pharmaceuticals in the 2nd quarter worth $39,000. Independent Advisor Alliance purchased a new position in Acumen Pharmaceuticals during the 4th quarter worth $40,000. Finally, 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. 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.