Derrell Porter Sells 13,040 Shares of Acumen Pharmaceuticals (NASDAQ:ABOS) Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Derrell Porter sold 13,040 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $2.33, for a total value of $30,383.20. Following the completion of the transaction, the director owned 35,500 shares of the company’s stock, valued at $82,715. This represents a 26.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Tuesday, June 16th, Derrell Porter sold 12,800 shares of Acumen Pharmaceuticals stock. The stock was sold at an average price of $2.33, for a total value of $29,824.00.
• 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 Stock Performance

Acumen Pharmaceuticals stock opened at $2.26 on Friday. The business has a 50 day moving average of $2.46 and a 200-day moving average of $2.43. The company has a market capitalization of $163.24 million, a P/E ratio of -1.22 and a beta of 0.34. Acumen Pharmaceuticals, Inc. has a 1 year low of $1.10 and a 1 year high of $3.60. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.55 and a quick ratio of 4.55.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its earnings results on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.07. On average, equities research analysts predict that Acumen Pharmaceuticals, Inc. will post -1.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. ADAR1 Capital Management LLC raised its stake in Acumen Pharmaceuticals by 142.0% during the first quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company’s stock worth $5,089,000 after buying an additional 1,265,151 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its position in Acumen Pharmaceuticals by 27.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company’s stock valued at $67,000 after acquiring an additional 6,146 shares during the last quarter. Renaissance Technologies LLC boosted its position in Acumen Pharmaceuticals by 12.0% during the first quarter. Renaissance Technologies LLC now owns 473,946 shares of the company’s stock valued at $1,119,000 after acquiring an additional 50,846 shares during the last quarter. Sei Investments Co. acquired a new stake in Acumen Pharmaceuticals during the 1st quarter worth about $27,000. Finally, Dimensional Fund Advisors LP grew its holdings in Acumen Pharmaceuticals by 144.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 119,756 shares of the company’s stock worth $282,000 after acquiring an additional 70,694 shares during the period. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on ABOS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research note on Wednesday, April 8th. BTIG Research reaffirmed a “buy” rating and set a $8.00 target price on shares of Acumen Pharmaceuticals in a research report on Thursday, March 26th. Finally, Wall Street Zen downgraded Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.