BlackRock Inc. acquired a new stake in shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,490,115 shares of the company's stock, valued at approximately $6,649,000. BlackRock Inc. owned about 3.45% of Acumen Pharmaceuticals as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of ABOS. ADAR1 Capital Management LLC raised its position in Acumen Pharmaceuticals by 142.0% during the first quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company's stock valued at $5,089,000 after purchasing an additional 1,265,151 shares in the last quarter. SG Americas Securities LLC raised its holdings in Acumen Pharmaceuticals by 79.3% during the 1st quarter. SG Americas Securities LLC now owns 719,257 shares of the company's stock valued at $1,697,000 after buying an additional 318,210 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Acumen Pharmaceuticals during the 2nd quarter valued at $332,000. Bank of America Corp DE boosted its holdings in shares of Acumen Pharmaceuticals by 33.3% during the first quarter. Bank of America Corp DE now owns 320,216 shares of the company's stock worth $756,000 after purchasing an additional 80,064 shares during the period. Finally, Deutsche Bank AG purchased a new stake in Acumen Pharmaceuticals in the 2nd quarter worth approximately $123,000. 71.01% of the stock is owned by institutional investors.
Acumen Pharmaceuticals Trading Up 2.9%
Acumen Pharmaceuticals stock opened at $3.18 on Friday. The business has a 50-day simple moving average of $2.59 and a two-hundred day simple moving average of $2.60. The company has a market cap of $229.98 million, a P/E ratio of -1.95 and a beta of 0.37. Acumen Pharmaceuticals, Inc. has a 52-week low of $1.21 and a 52-week high of $3.60. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.21.
Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.09). Analysts predict that Acumen Pharmaceuticals, Inc. will post -1.6 EPS for the current year.
Insider Buying and Selling at Acumen Pharmaceuticals
In other news, Director Derrell Porter sold 13,040 shares of the business's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $2.33, for a total value of $30,383.20. Following the transaction, the director directly owned 35,500 shares in the company, valued at $82,715. The trade was a 26.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In 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 insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on ABOS. Wall Street Zen downgraded shares of Acumen Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Acumen Pharmaceuticals currently has a consensus rating of "Hold" and an average price target of $8.00.
View Our Latest Analysis on ABOS
About Acumen Pharmaceuticals
(
Free Report)
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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