HC Wainwright Reaffirms “Buy” Rating for Acumen Pharmaceuticals (NASDAQ:ABOS)

Acumen Pharmaceuticals (NASDAQ:ABOS)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $15.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 270.37% from the company’s previous close. HC Wainwright also issued estimates for Acumen Pharmaceuticals’ Q1 2024 earnings at ($0.26) EPS and FY2028 earnings at ($1.16) EPS.

Separately, Deutsche Bank Aktiengesellschaft assumed coverage on Acumen Pharmaceuticals in a research note on Tuesday, December 12th. They issued a “buy” rating and a $8.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $12.25.

Acumen Pharmaceuticals Stock Down 1.2 %

ABOS opened at $4.05 on Wednesday. The stock has a market cap of $234.54 million, a PE ratio of -3.72 and a beta of 0.10. The business has a 50 day moving average of $3.71 and a 200-day moving average of $3.52. Acumen Pharmaceuticals has a 52 week low of $1.81 and a 52 week high of $11.31.

Insider Buying and Selling at Acumen Pharmaceuticals

In other Acumen Pharmaceuticals news, CEO Daniel Joseph Oconnell sold 15,200 shares of Acumen Pharmaceuticals stock in a transaction on Friday, January 19th. The stock was sold at an average price of $3.47, for a total transaction of $52,744.00. Following the completion of the transaction, the chief executive officer now owns 502,485 shares in the company, valued at $1,743,622.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Derek M. Meisner sold 8,933 shares of the business’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $3.48, for a total value of $31,086.84. Following the completion of the transaction, the insider now owns 108,867 shares in the company, valued at $378,857.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel Joseph Oconnell sold 15,200 shares of the business’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $3.47, for a total value of $52,744.00. Following the completion of the transaction, the chief executive officer now owns 502,485 shares of the company’s stock, valued at approximately $1,743,622.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,208 shares of company stock worth $110,136. 7.50% of the stock is owned by insiders.

Institutional Trading of Acumen Pharmaceuticals

Several large investors have recently modified their holdings of ABOS. RA Capital Management L.P. grew its holdings in shares of Acumen Pharmaceuticals by 52.8% in the third quarter. RA Capital Management L.P. now owns 14,932,063 shares of the company’s stock worth $61,968,000 after acquiring an additional 5,161,290 shares during the period. Rock Springs Capital Management LP bought a new stake in shares of Acumen Pharmaceuticals in the third quarter worth $11,672,000. Knollwood Investment Advisory LLC bought a new stake in shares of Acumen Pharmaceuticals in the third quarter worth $6,758,000. Vanguard Group Inc. grew its holdings in shares of Acumen Pharmaceuticals by 152.6% in the third quarter. Vanguard Group Inc. now owns 1,856,552 shares of the company’s stock worth $7,705,000 after acquiring an additional 1,121,700 shares during the period. Finally, BlackRock Inc. grew its holdings in Acumen Pharmaceuticals by 23.2% during the first quarter. BlackRock Inc. now owns 3,831,321 shares of the company’s stock valued at $14,980,000 after purchasing an additional 721,651 shares during the period. Institutional investors own 71.01% of the company’s stock.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.