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

Key Points

• Wall Street Zen downgraded Acumen Pharmaceuticals (NASDAQ:ABOS) from a "hold" to a "sell" in a report issued on Saturday.
• Despite the downgrade, the consensus from MarketBeat shows a "Moderate Buy" with five Buy and one Sell rating and an average target price of $7.00, while some analysts remain bullish (BTIG raised its target to $8.00) and others are bearish (Weiss Ratings reaffirmed a Sell).
• Shares were down about 8.4% and trading near $2.68 (50-day MA $2.62, 200-day MA $2.12) with a market cap of ~$162M; insiders have been selling recently (CEO sold 37,755 shares and insiders sold 149,818 shares over the last three months) while institutional ownership is ~71%.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

Several other research analysts have also recently weighed in on ABOS. BTIG Research lifted their price objective on shares of Acumen Pharmaceuticals from $7.00 to $8.00 and gave the company a "buy" rating in a report on Monday, March 16th. 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, Acumen Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $7.00.

Acumen Pharmaceuticals Stock Down 8.4%

Shares of Acumen Pharmaceuticals stock opened at $2.68 on Friday. The business has a 50-day moving average of $2.62 and a two-hundred day moving average of $2.12. Acumen Pharmaceuticals has a 1 year low of $0.86 and a 1 year high of $3.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.02 and a quick ratio of 6.02. The company has a market capitalization of $162.09 million, a P/E ratio of -1.21 and a beta of 0.21.

Insider Buying and Selling

In other news, CEO Daniel Joseph Oconnell sold 37,755 shares of the firm's stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $1.99, for a total value of $75,132.45. Following the sale, the chief executive officer directly owned 619,982 shares in the company, valued at approximately $1,233,764.18. This trade represents a 5.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 149,818 shares of company stock worth $285,057 over the last three months. 9.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. bought a new position in Acumen Pharmaceuticals in the 3rd quarter valued at approximately $27,000. Marex Group plc bought a new stake in Acumen Pharmaceuticals during the 2nd quarter worth approximately $39,000. Independent Advisor Alliance acquired a new position in Acumen Pharmaceuticals in the 4th quarter valued at approximately $40,000. PFG Investments LLC increased its position in 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 acquiring an additional 7,500 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Acumen Pharmaceuticals during the fourth quarter valued at $44,000. 71.01% of the stock is currently owned by institutional investors.

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.

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