Insider Selling: Acumen Pharmaceuticals (NASDAQ:ABOS) Director Sells 12,800 Shares of Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Derrell Porter sold 12,800 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $2.33, for a total value of $29,824.00. Following the sale, the director directly owned 35,500 shares of the company’s stock, valued at approximately $82,715. This represents a 26.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Derrell Porter also recently made the following trade(s):

• On Wednesday, June 17th, Derrell Porter sold 13,040 shares of Acumen Pharmaceuticals stock. The shares were sold at an average price of $2.33, for a total value of $30,383.20.
• On Monday, June 15th, Derrell Porter sold 6,460 shares of Acumen Pharmaceuticals stock. The shares were sold at an average price of $2.35, for a total value of $15,181.00.

Acumen Pharmaceuticals Price Performance

ABOS stock traded down $0.04 during mid-day trading on Wednesday, reaching $2.25. 947,529 shares of the company traded hands, compared to its average volume of 621,699. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.55 and a quick ratio of 4.55. The company has a market capitalization of $162.52 million, a P/E ratio of -1.21 and a beta of 0.34. Acumen Pharmaceuticals, Inc. has a 52-week low of $1.10 and a 52-week high of $3.60. The company has a fifty day moving average price of $2.48 and a 200-day moving average price of $2.43.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted 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, analysts anticipate that Acumen Pharmaceuticals, Inc. will post -1.39 earnings per share for the current year.

Institutional Trading of Acumen Pharmaceuticals

A number of hedge funds have recently bought and sold shares of ABOS. Jacobs Levy Equity Management Inc. bought a new stake in Acumen Pharmaceuticals in the third quarter valued at approximately $27,000. Bank of America Corp DE lifted 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. Sei Investments Co. bought a new stake in Acumen Pharmaceuticals in the first quarter valued at approximately $27,000. Dimensional Fund Advisors LP lifted its position in Acumen Pharmaceuticals by 144.1% in the first quarter. Dimensional Fund Advisors LP now owns 119,756 shares of the company’s stock valued at $282,000 after purchasing an additional 70,694 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in 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 purchasing an additional 50,846 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

ABOS has been the subject of several recent analyst reports. Wall Street Zen lowered Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday. BTIG Research reissued a “buy” rating and set a $8.00 price objective on shares of Acumen Pharmaceuticals in a report on Thursday, March 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Wednesday, April 8th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $8.00.

Acumen Pharmaceuticals Company Profile

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.