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

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price target trimmed by HC Wainwright from $15.00 to $11.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock. HC Wainwright also issued estimates for Acumen Pharmaceuticals’ FY2029 earnings at ($2.03) EPS.

Acumen Pharmaceuticals Stock Down 3.3 %

ABOS opened at $1.19 on Friday. The company has a current ratio of 10.43, a quick ratio of 10.43 and a debt-to-equity ratio of 0.14. The stock’s fifty day simple moving average is $1.38 and its 200 day simple moving average is $1.98. Acumen Pharmaceuticals has a 1-year low of $1.10 and a 1-year high of $4.06. The stock has a market cap of $71.50 million, a PE ratio of -0.86 and a beta of 0.02.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its earnings results on Thursday, March 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.15). As a group, research analysts expect that Acumen Pharmaceuticals will post -1.56 earnings per share for the current year.

Insider Transactions at Acumen Pharmaceuticals

In other Acumen Pharmaceuticals news, CFO Matt Zuga sold 28,902 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $1.72, for a total transaction of $49,711.44. Following the sale, the chief financial officer now directly owns 231,744 shares of the company’s stock, valued at $398,599.68. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Daniel Joseph Oconnell sold 47,778 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $1.84, for a total value of $87,911.52. Following the completion of the sale, the chief executive officer now owns 454,707 shares of the company’s stock, valued at $836,660.88. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 131,526 shares of company stock valued at $233,124. Corporate insiders own 7.10% of the company’s stock.

Institutional Trading of Acumen Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of Acumen Pharmaceuticals by 6.5% during the 3rd quarter. Geode Capital Management LLC now owns 864,528 shares of the company’s stock worth $2,144,000 after purchasing an additional 52,395 shares in the last quarter. State Street Corp boosted its holdings in Acumen Pharmaceuticals by 18.3% in the third quarter. State Street Corp now owns 516,406 shares of the company’s stock worth $1,281,000 after acquiring an additional 79,841 shares in the last quarter. SG Americas Securities LLC grew its stake in Acumen Pharmaceuticals by 44.2% in the fourth quarter. SG Americas Securities LLC now owns 25,631 shares of the company’s stock valued at $44,000 after acquiring an additional 7,859 shares during the period. Barclays PLC increased its holdings in shares of Acumen Pharmaceuticals by 189.1% during the third quarter. Barclays PLC now owns 61,997 shares of the company’s stock valued at $154,000 after acquiring an additional 40,551 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Acumen Pharmaceuticals by 252.8% during the third quarter. JPMorgan Chase & Co. now owns 63,066 shares of the company’s stock worth $156,000 after purchasing an additional 45,189 shares during the period. Institutional investors and hedge funds 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.