Derrell Porter Sells 12,800 Shares of Acumen Pharmaceuticals (NASDAQ:ABOS) Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Derrell Porter sold 12,800 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $2.33, for a total transaction of $29,824.00. Following the sale, the director directly owned 35,500 shares of the company’s stock, valued at $82,715. This represents a 26.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

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

Acumen Pharmaceuticals Trading Down 1.7%

Shares of ABOS stock traded down $0.04 during trading hours on Wednesday, hitting $2.25. 947,529 shares of the company were exchanged, compared to its average volume of 621,699. The firm has a market cap of $162.52 million, a P/E ratio of -1.21 and a beta of 0.34. Acumen Pharmaceuticals, Inc. has a fifty-two week low of $1.10 and a fifty-two week high of $3.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.55 and a current ratio of 4.55. The company has a 50 day simple moving average of $2.48 and a two-hundred day simple moving average of $2.43.

Acumen Pharmaceuticals (NASDAQ:ABOS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.07. Equities analysts anticipate that Acumen Pharmaceuticals, Inc. will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Acumen Pharmaceuticals

A number of large investors have recently modified their holdings of the company. ADAR1 Capital Management LLC lifted its holdings in shares of Acumen Pharmaceuticals by 142.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 2,156,334 shares of the company’s stock worth $5,089,000 after purchasing an additional 1,265,151 shares in the last quarter. Hudson Bay Capital Management LP lifted its stake in Acumen Pharmaceuticals by 7.1% during the 2nd quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock valued at $957,000 after acquiring an additional 55,004 shares in the last quarter. SG Americas Securities LLC lifted its stake in Acumen Pharmaceuticals by 79.3% during the 1st quarter. SG Americas Securities LLC now owns 719,257 shares of the company’s stock valued at $1,697,000 after acquiring an additional 318,210 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Acumen Pharmaceuticals by 12.0% during the 1st 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 in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Acumen Pharmaceuticals by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 410,206 shares of the company’s stock valued at $866,000 after acquiring an additional 11,428 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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