Acumen Pharmaceuticals (NASDAQ:ABOS) Director Sells $14,272.00 in Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Nathan Fountain sold 6,400 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $2.23, for a total value of $14,272.00. Following the completion of the transaction, the director directly owned 48,150 shares in the company, valued at approximately $107,374.50. This represents a 11.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Acumen Pharmaceuticals Price Performance

Shares of NASDAQ:ABOS traded up $0.05 during trading on Wednesday, reaching $2.24. 445,521 shares of the company traded hands, compared to its average volume of 628,944. The company’s 50 day moving average is $2.50 and its two-hundred day moving average is $2.41. The firm has a market capitalization of $161.80 million, a PE ratio of -1.20 and a beta of 0.34. The company has a quick ratio of 4.55, a current ratio of 4.55 and a debt-to-equity ratio of 0.19. Acumen Pharmaceuticals, Inc. has a 52 week low of $1.05 and a 52 week high of $3.60.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. As a group, sell-side analysts predict that Acumen Pharmaceuticals, Inc. will post -1.39 earnings per share for the current year.

Analyst Ratings Changes

ABOS has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, March 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research report on Wednesday, April 8th. Finally, BTIG Research restated a “buy” rating and set a $8.00 price objective on shares of Acumen Pharmaceuticals in a research report on Thursday, March 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Acumen Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.67.

Hedge Funds Weigh In On Acumen Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Bank of America Corp DE raised its position in Acumen Pharmaceuticals by 33.3% in the first quarter. Bank of America Corp DE now owns 320,216 shares of the company’s stock valued at $756,000 after purchasing an additional 80,064 shares during the last quarter. ADAR1 Capital Management LLC increased its stake in shares of Acumen Pharmaceuticals by 142.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company’s stock valued at $5,089,000 after buying an additional 1,265,151 shares during the period. Rangeley Capital LLC acquired a new stake in shares of Acumen Pharmaceuticals in the first quarter valued at about $83,000. OMERS ADMINISTRATION Corp increased its stake in shares of Acumen Pharmaceuticals by 27.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company’s stock valued at $67,000 after buying an additional 6,146 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Acumen Pharmaceuticals by 12.0% in the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock valued at $1,119,000 after buying an additional 50,846 shares during the period. 71.01% of the stock is currently owned by institutional investors.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral small molecule therapies for neurodegenerative diseases. Leveraging a proprietary drug discovery platform that integrates chemoproteomics, high-throughput screening and computational chemistry, the company seeks to identify and optimize compounds that selectively modulate pathological protein aggregation. Its approach is designed to address the underlying biology of conditions such as Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis and related proteinopathies.

The company’s pipeline comprises multiple lead candidates at various stages of preclinical and early clinical development.