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 firm’s stock in a transaction that occurred 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 transaction, the director directly owned 35,500 shares of the company’s stock, valued at approximately $82,715. This trade represents a 26.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 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 stock was sold at an average price of $2.35, for a total value of $15,181.00.

Acumen Pharmaceuticals Trading Up 0.4%

NASDAQ ABOS opened at $2.26 on Friday. Acumen Pharmaceuticals, Inc. has a 12 month low of $1.10 and a 12 month high of $3.60. The stock has a market cap of $163.24 million, a P/E ratio of -1.22 and a beta of 0.34. The stock’s fifty day moving average price is $2.46 and its 200-day moving average price is $2.43. The company has a current ratio of 4.55, a quick ratio of 4.55 and a debt-to-equity ratio of 0.19.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.07. As a group, equities analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Acumen Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in ABOS. ADAR1 Capital Management LLC lifted its holdings in shares of Acumen Pharmaceuticals by 142.0% during the 1st 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. Hudson Bay Capital Management LP grew its holdings in shares of Acumen Pharmaceuticals by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 825,004 shares of the company’s stock worth $957,000 after acquiring an additional 55,004 shares during the period. SG Americas Securities LLC grew its holdings in shares of Acumen Pharmaceuticals by 79.3% in the first quarter. SG Americas Securities LLC now owns 719,257 shares of the company’s stock worth $1,697,000 after acquiring an additional 318,210 shares during the period. Renaissance Technologies LLC grew its holdings 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 worth $1,119,000 after acquiring an additional 50,846 shares during the period. Finally, Geode Capital Management LLC increased its position in Acumen Pharmaceuticals by 2.9% during the fourth 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 during the last quarter. 71.01% of the stock is currently owned by hedge funds and other 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.