Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target Raised to $8.00

Key Points

• BTIG Research raised its price target on Acumen Pharmaceuticals to $8.00 (maintaining a "buy" rating), implying roughly a 139.5% upside from the prior close.
• Analyst coverage is mixed but leans positive—five analysts rate the stock Buy and one Sell, giving a MarketBeat consensus of "Moderate Buy" with an average price target of $7.00.
• Insiders have been selling (the CEO sold 37,755 shares in January), while the stock trades around $3.34 with a market cap of about $202.3M; insiders own ~7.1% and institutional investors own ~71%.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) had its target price boosted by BTIG Research from $7.00 to $8.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 139.52% from the stock's previous close.

Other research analysts have also issued reports about the company. Bank of America cut their price target on Acumen Pharmaceuticals from $9.00 to $8.00 and set a "buy" rating for the company in a report on Tuesday, November 18th. Wall Street Zen upgraded shares of Acumen Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, February 21st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a research report on Friday, January 9th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $7.00.

Acumen Pharmaceuticals Price Performance

NASDAQ ABOS opened at $3.34 on Monday. Acumen Pharmaceuticals has a twelve month low of $0.86 and a twelve month high of $3.60. 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 stock has a market capitalization of $202.30 million, a PE ratio of -1.50 and a beta of 0.20. The stock has a 50-day simple moving average of $2.54 and a 200 day simple moving average of $2.08.

Insider Activity

In related news, CEO Daniel Joseph Oconnell sold 37,755 shares of the firm's stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total transaction of $75,132.45. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 149,818 shares of company stock valued at $285,057. Corporate insiders own 7.10% of the company's stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several large investors have recently made changes to their positions in ABOS. Jacobs Levy Equity Management Inc. acquired a new position in Acumen Pharmaceuticals in the third quarter valued at about $27,000. Marex Group plc acquired a new stake in shares of Acumen Pharmaceuticals during the second quarter worth approximately $39,000. Independent Advisor Alliance bought a new position in shares of Acumen Pharmaceuticals in the fourth quarter valued at approximately $40,000. PFG Investments LLC raised its stake in shares of Acumen Pharmaceuticals by 65.2% in the fourth quarter. PFG Investments LLC now owns 19,000 shares of the company's stock valued at $40,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Acumen Pharmaceuticals in the 4th quarter worth approximately $44,000. 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.

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