Acumen Pharmaceuticals (NASDAQ:ABOS) Given New $4.00 Price Target at UBS Group

Acumen Pharmaceuticals (NASDAQ:ABOS) had its target price lowered by UBS Group from $6.00 to $4.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, HC Wainwright decreased their target price on 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 %

ABOS opened at $1.19 on Friday. The business has a 50 day moving average price of $1.38 and a 200 day moving average price of $1.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 10.43 and a current ratio of 10.43. Acumen Pharmaceuticals has a twelve month low of $1.10 and a twelve month high of $4.06. The firm has a market cap of $71.50 million, a P/E 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) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.15). Research analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current year.

Insider Transactions at Acumen Pharmaceuticals

In other news, CFO Matt Zuga sold 28,902 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 231,744 shares in the company, valued at approximately $398,599.68. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 completion of the transaction, the chief executive officer now directly owns 454,707 shares of the company’s stock, valued at approximately $836,660.88. This trade represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 131,526 shares of company stock worth $233,124. 7.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings 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 purchasing an additional 874,842 shares in the last quarter. Jane Street Group LLC boosted its stake in Acumen Pharmaceuticals by 116.1% in the 4th quarter. Jane Street Group LLC now owns 30,740 shares of the company’s stock valued at $53,000 after buying an additional 221,144 shares in the last quarter. Franklin Resources Inc. boosted its stake in Acumen Pharmaceuticals by 5.4% in the 3rd quarter. Franklin Resources Inc. now owns 3,549,069 shares of the company’s stock valued at $8,340,000 after buying an additional 181,451 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in Acumen Pharmaceuticals in the fourth quarter valued at $162,000. Finally, Deutsche Bank AG raised its stake in Acumen Pharmaceuticals by 468.7% during the fourth quarter. Deutsche Bank AG now owns 96,995 shares of the company’s stock worth $167,000 after acquiring an additional 79,940 shares in the last quarter. Institutional investors and hedge funds 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.