HC Wainwright Lowers Acumen Pharmaceuticals (NASDAQ:ABOS) Price Target to $11.00

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price target decreased by HC Wainwright from $15.00 to $11.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Acumen Pharmaceuticals Trading Up 6.0 %

NASDAQ ABOS opened at $1.23 on Friday. The stock has a market cap of $73.90 million, a PE ratio of -0.89 and a beta of 0.02. Acumen Pharmaceuticals has a 12 month low of $1.10 and a 12 month high of $4.28. The company’s 50-day moving average price is $1.39 and its 200-day moving average price is $2.00. The company has a current ratio of 10.43, a quick ratio of 10.43 and a debt-to-equity ratio of 0.14.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings data on Thursday, March 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.15). Equities research analysts forecast that Acumen Pharmaceuticals will post -1.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Matt Zuga sold 28,902 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $1.72, for a total transaction of $49,711.44. Following the completion of the sale, the chief financial officer now directly owns 231,744 shares in the company, valued at $398,599.68. This represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Daniel Joseph Oconnell sold 47,778 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $1.84, for a total value of $87,911.52. Following the sale, the chief executive officer now directly owns 454,707 shares in the company, valued at approximately $836,660.88. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 131,526 shares of company stock worth $233,124 in the last three months. Corporate insiders own 7.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ABOS. JPMorgan Chase & Co. lifted its position in Acumen Pharmaceuticals by 1,387.2% during the fourth quarter. JPMorgan Chase & Co. now owns 937,908 shares of the company’s stock valued at $1,613,000 after acquiring an additional 874,842 shares during the last quarter. Jane Street Group LLC increased its position in shares of Acumen Pharmaceuticals by 116.1% during the fourth quarter. Jane Street Group LLC now owns 30,740 shares of the company’s stock worth $53,000 after purchasing an additional 221,144 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Acumen Pharmaceuticals by 5.4% during the 3rd quarter. Franklin Resources Inc. now owns 3,549,069 shares of the company’s stock valued at $8,340,000 after purchasing an additional 181,451 shares during the last quarter. ADAR1 Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals in the 4th quarter worth $162,000. Finally, Deutsche Bank AG grew its stake in Acumen Pharmaceuticals by 468.7% during the 4th quarter. Deutsche Bank AG now owns 96,995 shares of the company’s stock worth $167,000 after buying an additional 79,940 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer’s disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.