HC Wainwright Has Lowered Expectations for Acumen Pharmaceuticals (NASDAQ:ABOS) Stock Price

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

Acumen Pharmaceuticals Trading Down 3.3 %

Shares of NASDAQ ABOS opened at $1.19 on Friday. Acumen Pharmaceuticals has a 1-year low of $1.10 and a 1-year high of $4.06. 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 company has a 50-day moving average of $1.38 and a two-hundred day moving average of $1.98. The company 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 posted its quarterly 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, equities analysts expect that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Matt Zuga sold 28,902 shares of the company’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 value of $49,711.44. Following the completion of the transaction, the chief financial officer now owns 231,744 shares in the company, valued at $398,599.68. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction of $87,911.52. Following the sale, the chief executive officer now owns 454,707 shares in the company, valued at approximately $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. Insiders sold a total of 131,526 shares of company stock valued at $233,124 in the last ninety days. 7.10% of the stock is owned by insiders.

Institutional Trading of Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of ABOS. 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 worth $1,613,000 after purchasing an additional 874,842 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Acumen Pharmaceuticals by 116.1% during the 4th quarter. Jane Street Group LLC now owns 30,740 shares of the company’s stock worth $53,000 after buying an additional 221,144 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of 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 acquiring an additional 181,451 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in shares of Acumen Pharmaceuticals in the fourth quarter valued at about $162,000. Finally, Deutsche Bank AG raised its holdings 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.