Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Sees Large Growth in Short Interest

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,560,000 shares, an increase of 9.1% from the December 15th total of 1,430,000 shares. Approximately 3.5% of the shares of the company are short sold. Based on an average daily volume of 276,000 shares, the days-to-cover ratio is currently 5.7 days.

Insider Buying and Selling at Acumen Pharmaceuticals

In other news, CEO Daniel Joseph Oconnell sold 47,778 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $1.84, for a total transaction of $87,911.52. Following the sale, the chief executive officer now directly owns 454,707 shares of the company’s stock, valued at $836,660.88. This represents a 9.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 79,508 shares of company stock valued at $146,556. 7.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake in Acumen Pharmaceuticals by 5.4% in the 3rd quarter. Franklin Resources Inc. now owns 3,549,069 shares of the company’s stock valued at $8,340,000 after buying an additional 181,451 shares in the last quarter. FMR LLC lifted its stake in Acumen Pharmaceuticals by 0.3% in the 3rd quarter. FMR LLC now owns 2,028,117 shares of the company’s stock valued at $5,030,000 after buying an additional 6,014 shares in the last quarter. Geode Capital Management LLC lifted its stake in Acumen Pharmaceuticals by 6.5% in the 3rd quarter. Geode Capital Management LLC now owns 864,528 shares of the company’s stock valued at $2,144,000 after buying an additional 52,395 shares in the last quarter. State Street Corp lifted its stake in Acumen Pharmaceuticals by 18.3% in the 3rd quarter. State Street Corp now owns 516,406 shares of the company’s stock valued at $1,281,000 after buying an additional 79,841 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Acumen Pharmaceuticals in the 2nd quarter valued at about $818,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and set a $15.00 target price on shares of Acumen Pharmaceuticals in a research note on Wednesday, November 13th.

Acumen Pharmaceuticals Trading Up 2.5 %

ABOS stock opened at $1.65 on Friday. The company’s 50-day simple moving average is $2.05 and its 200-day simple moving average is $2.48. The company has a quick ratio of 10.43, a current ratio of 10.43 and a debt-to-equity ratio of 0.14. Acumen Pharmaceuticals has a 52-week low of $1.53 and a 52-week high of $5.09. The firm has a market cap of $99.13 million, a P/E ratio of -1.20 and a beta of 0.02.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its earnings results on Tuesday, November 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.14). During the same period last year, the firm earned ($0.24) EPS. As a group, equities analysts forecast that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer’s disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.