UBS Group Has Lowered Expectations for Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price

Acumen Pharmaceuticals (NASDAQ:ABOS) had its price target reduced by UBS Group from $6.00 to $4.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Separately, HC Wainwright dropped their target price on shares of Acumen Pharmaceuticals from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Friday.

Acumen Pharmaceuticals Stock Down 3.3 %

NASDAQ ABOS opened at $1.19 on Friday. The stock’s 50 day simple moving average is $1.38 and its 200 day simple moving average is $1.99. Acumen Pharmaceuticals has a one year low of $1.10 and a one year high of $4.06. The firm has a market cap of $71.50 million, a PE ratio of -0.86 and a beta of 0.02. The company has a debt-to-equity ratio of 0.14, a current ratio of 10.43 and a quick ratio of 10.43.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP raised its position in shares of Acumen Pharmaceuticals by 6.4% in the 4th quarter. Two Sigma Advisers LP now owns 499,100 shares of the company’s stock valued at $858,000 after acquiring an additional 30,000 shares during the period. Deutsche Bank AG increased its stake in Acumen Pharmaceuticals by 468.7% in the fourth quarter. Deutsche Bank AG now owns 96,995 shares of the company’s stock valued at $167,000 after purchasing an additional 79,940 shares in the last quarter. Bank of America Corp DE raised its holdings in Acumen Pharmaceuticals by 7.2% in the fourth quarter. Bank of America Corp DE now owns 148,668 shares of the company’s stock worth $256,000 after purchasing an additional 9,944 shares during the period. Jane Street Group LLC boosted 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. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Acumen Pharmaceuticals in the 4th quarter valued at $25,000. Institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

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.