Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price Up 0.7% – Time to Buy?

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS)’s share price rose 0.7% during mid-day trading on Monday . The company traded as high as $2.99 and last traded at $2.84. Approximately 310,399 shares changed hands during trading, a decline of 38% from the average daily volume of 500,455 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

ABOS has been the topic of a number of research analyst reports. BTIG Research reissued a “buy” rating and set a $8.00 price objective on shares of Acumen Pharmaceuticals in a research report on Thursday, March 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Wednesday, April 8th. Finally, Wall Street Zen upgraded shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, March 29th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $6.67.

Acumen Pharmaceuticals Trading Up 2.9%

The stock has a market cap of $202.91 million, a P/E ratio of -1.40 and a beta of 0.33. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average price is $2.80 and its 200 day moving average price is $2.31.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its earnings results on Thursday, March 26th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.09. The business had revenue of ($0.09) million for the quarter. Equities research analysts expect that Acumen Pharmaceuticals, Inc. will post -1.48 earnings per share for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently bought and sold shares of ABOS. SG Americas Securities LLC bought a new position in Acumen Pharmaceuticals in the 3rd quarter worth about $691,000. Jane Street Group LLC boosted its stake in Acumen Pharmaceuticals by 1,526.0% in the 2nd quarter. Jane Street Group LLC now owns 175,670 shares of the company’s stock worth $204,000 after purchasing an additional 164,866 shares in the last quarter. Marshall Wace LLP bought a new position in Acumen Pharmaceuticals in the 2nd quarter worth about $160,000. Bridgeway Capital Management LLC boosted its stake in Acumen Pharmaceuticals by 65.1% in the 3rd 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 in the last quarter. Finally, Bank of America Corp DE boosted its stake in Acumen Pharmaceuticals by 45.4% in the 3rd quarter. Bank of America Corp DE now owns 213,729 shares of the company’s stock worth $365,000 after purchasing an additional 66,720 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

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.