Deep Track Capital LP recently announced the acquisition of new stake in Acumen Pharmaceuticals Inc. (NASDAQ:ABOS). The institutional investor has increased its shareholding in the Healthcare company by 21.90% to 3.78 million shares with purchase of 0.68 million shares. This fresh investment now brings its stake to 9.23% valued currently at $20.41 million. In addition, Commodore Capital LP raised its holdings by 1.1 million to 1.1 million shares. And The Vanguard Group, Inc. has lifted its position by 2.41% or 15267.0 shares – to 0.65 million shares.
With over 86488.0 Acumen Pharmaceuticals Inc. (ABOS) shares trading Tuesday and a closing price of $5.87 on the day, the dollar volume was approximately $0.51 million. The shares have shown a positive half year performance of 11.39% and its price on 01/24/23 gained nearly 0.69%. Currently, there are 40.50M common shares owned by the public and among those 34.55M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for ABOS have a consensus price objective of $15.83. The analysts have set the share’s price value over the next 12 months at a high of $22.00 and a low of $9.00. The average price target is 62.92% above its recent price level and an upside to the estimated low will see the stock gain 34.78% over that period. But an upside of 73.32% will see the stock hit the forecast high price target while median target price for the stock is $16.00.
Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Acumen Pharmaceuticals Inc. are BlackRock Health Sciences Trust I, Vanguard Total Stock Market Index, and Stichting Pensioenfonds ABP. BlackRock Health Sciences Trust I owns 0.83 million shares of the company’s stock, all valued at over $4.5 million. The company sold -0.59 million shares recently to bring their total holdings to about 2.04% of the shares outstanding. Stichting Pensioenfonds ABP bought 24484.0 shares to bring its total holdings to over 0.34 million shares at a value of $1.82 million. Stichting Pensioenfonds ABP now owns shares totaling to 0.82% of the shares outstanding.
Shares of Acumen Pharmaceuticals Inc. (NASDAQ: ABOS) opened at $5.81, down -$0.02 from a prior closing price of $5.83. However, the script later moved the day high at 6.32, up 0.69%. The company’s stock has a 5-day price change of -3.93% and -23.17% over the past three months. ABOS shares are trading 8.70% year to date (YTD), with the 12-month market performance up to 13.32% higher. It has a 12-month low price of $3.02 and touched a high of $10.97 over the same period. ABOS has an average intraday trading volume of 113.51K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.58%, 1.43%, and 7.61% respectively.
Institutional ownership of Acumen Pharmaceuticals Inc. (NASDAQ: ABOS) shares accounts for 77.20% of the company’s 40.50M shares outstanding. Mutual fund holders own 52.18%, while other institutional holders and individual stakeholders account for 6.69% and 1.51% respectively.
It has a market capitalization of $233.98M. The earnings-per-share (ttm) stands at -$1.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.87% over the week and 9.18% over the month.
Analysts forecast that Acumen Pharmaceuticals Inc. (ABOS) will achieve an EPS of -$0.23 for the current quarter, -$0.24 for the next quarter and -$1.21 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.27 while analysts give the company a high EPS estimate of -$0.09. Comparatively, EPS for the current quarter was -$0.1 a year ago. Earnings per share for the fiscal year are expected to decrease by -1.00%, and -25.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Acumen Pharmaceuticals Inc. (ABOS) as a “Strong Buy” at a consensus score of 1.50. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ABOS, a number of firms have released research notes about the stock. BTIG Research stated their Buy rating for the stock in a research note on July 15, 2022, with the firm’s price target at $15. H.C. Wainwright coverage for the Acumen Pharmaceuticals Inc. (ABOS) stock in a research note released on June 30, 2022 offered a Buy rating with a price target of $15. BofA Securities was of a view on January 21, 2022 that the stock is Buy, while UBS gave the stock Buy rating on July 26, 2021, issuing a price target of $27. Stifel on their part issued Buy rating on July 26, 2021.
