Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS – Get Free Report) was down 6.1% during mid-day trading on Friday . The company traded as low as $2.12 and last traded at $2.15. Approximately 319,605 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 306,957 shares. The stock had previously closed at $2.29.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on ABOS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Wednesday, April 8th. BTIG Research reaffirmed a “buy” rating and set a $8.00 price objective on shares of Acumen Pharmaceuticals in a research report on Thursday, March 26th. Finally, Wall Street Zen raised Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, March 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.67.
Check Out Our Latest Analysis on ABOS
Acumen Pharmaceuticals Trading Down 6.1%
Acumen Pharmaceuticals (NASDAQ:ABOS – Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.07. Analysts expect that Acumen Pharmaceuticals, Inc. will post -1.39 earnings per share for the current year.
Hedge Funds Weigh In On Acumen Pharmaceuticals
Several hedge funds have recently bought and sold shares of ABOS. Jacobs Levy Equity Management Inc. purchased a new position in Acumen Pharmaceuticals in the 3rd quarter valued at approximately $27,000. Sei Investments Co. purchased a new position in Acumen Pharmaceuticals in the 1st quarter valued at approximately $27,000. Marex Group plc purchased a new position in Acumen Pharmaceuticals in the 2nd quarter valued at approximately $39,000. Independent Advisor Alliance purchased a new position in Acumen Pharmaceuticals in the 4th quarter valued at approximately $40,000. Finally, PFG Investments LLC increased its stake 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 purchasing an additional 7,500 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.
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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