BofA Securities gives a Buy recommendation for Acumen Pharmaceuticals Inc. (ABOS)


Acumen Pharmaceuticals Inc.’s recent filing unveils that its Director Ives Jeffrey L. unloaded Company’s shares for reported $0.27 million on Aug 17. In the deal valued at $6.49 per share,41,949 shares were sold. As a result of this transaction, Ives Jeffrey L. now holds 0 shares worth roughly $ 0.0.

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Then, RA CAPITAL MANAGEMENT, L.P. bought 5,161,290 shares, generating $39,999,998 in total proceeds. Upon buying the shares at $7.75, the Director now owns 13,043,179 shares.

PT values the company’s stock at a premium of 56.36 to its Friday closing price.

Price Performance Review of ABOS

On Friday, Acumen Pharmaceuticals Inc. [NASDAQ:ABOS] saw its stock jump 1.50% to $6.11. On the same session, the stock had its day’s lowest price of $5.97, but rose to a high of $6.20. Over the last five days, the stock has lost -3.02%. Acumen Pharmaceuticals Inc. shares have risen nearly 13.15% since the year began. Nevertheless, the stocks have risen 7.38% over the past one year. While a 52-week high of $11.31 was reached on 07/17/23, a 52-week low of $3.52 was recorded on 04/18/23. SMA at 50 days reached $6.45, while 200 days put it at $5.49. A total of 0.61 million shares were traded, compared to the trading of 0.32 million shares in the previous session.

Levels Of Support And Resistance For ABOS Stock

The 24-hour chart illustrates a support level at 5.99, which if violated will result in even more drops to 5.86. On the upside, there is a resistance level at 6.22. A further resistance level may holdings at 6.32. The Relative Strength Index (RSI) on the 14-day chart is 42.42, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.23, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 84.44%. Stochastics %K at 18.92% indicates the stock is a buying.

How much short interest is there in Acumen Pharmaceuticals Inc.?

A steep rise in short interest was recorded in Acumen Pharmaceuticals Inc. stocks on Aug 14, 2023, growing by 1.01 million shares to a total of 1.62 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 0.61 million shares. There was a rise of 62.33%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 3.40% of the overall stock float, the days-to-cover ratio (short ratio) rose to 0.67.

Acumen Pharmaceuticals Inc. [ABOS] – Who Are The Largest Shareholders?

In filings from RA Capital Management LP, it is revealed that the company now owns 14,932,063 shares, or roughly 25.83% of the outstanding ABOS shares. In other words, the investor’s shares have risen by 5,161,290 from its previous 13-F filing of 9770773.0. Additionally, Deep Track Capital LP decreased -0.90% of its stake after which the total value it holdings stand at $28,981,071. Over the last quarter, Millennium Management LLC purchased 500,135 shares of Acumen Pharmaceuticals Inc., while Great Point Partners LLC bought 0 shares. At present, The Vanguard Group, Inc. is holding 728,168 shares valued at $5.39 million. Ikarian Capital LLC owned 654,945 shares of the company at the time of its most recent 13F filing, worth $4.85 million.

According to FactSet, Acumen Pharmaceuticals Inc.’s share price will average $15.57 in the next year, based on opinions of analysts polled by the firm. This is up nearly 149.17 percent from its previous closing price of $6.02. Analysts expect Acumen Pharmaceuticals Inc. stock to reach the higher price of $22.00, while the lowest price estimate is $13.00. However, 7 analysts have rated ABOS stock as a Buy in their predictions for 2023.


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