Acumen Pharmaceuticals (NASDAQ:ABOS) Director Sells $15,181.00 in Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Derrell Porter sold 6,460 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $2.35, for a total transaction of $15,181.00. Following the transaction, the director directly owned 48,300 shares of the company’s stock, valued at $113,505. This represents a 11.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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 Tuesday, June 16th, Derrell Porter sold 12,800 shares of Acumen Pharmaceuticals stock. The shares were sold at an average price of $2.33, for a total transaction of $29,824.00.

Acumen Pharmaceuticals Stock Down 1.7%

ABOS stock traded down $0.04 during midday trading on Wednesday, hitting $2.25. The company’s stock had a trading volume of 947,529 shares, compared to its average volume of 621,699. The company’s fifty day moving average price is $2.48 and its 200 day moving average price is $2.43. 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, Inc. has a twelve month low of $1.10 and a twelve month high of $3.60. The stock has a market capitalization of $162.52 million, a P/E ratio of -1.21 and a beta of 0.34.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly 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. As a group, equities research analysts predict that Acumen Pharmaceuticals, Inc. will post -1.39 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ABOS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Wednesday, April 8th. BTIG Research reaffirmed a “buy” rating and set a $8.00 price target on shares of Acumen Pharmaceuticals in a research 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. Two 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, Acumen Pharmaceuticals currently has an average rating of “Hold” and an average target price of $8.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ABOS. Jacobs Levy Equity Management Inc. bought a new stake in Acumen Pharmaceuticals in the 3rd quarter valued at $27,000. Sei Investments Co. bought a new position in Acumen Pharmaceuticals during the first quarter worth $27,000. Marex Group plc acquired a new position in shares of Acumen Pharmaceuticals in the second quarter valued at $39,000. Independent Advisor Alliance acquired a new stake in shares of Acumen Pharmaceuticals during the 4th quarter worth about $40,000. Finally, PFG Investments LLC lifted its stake in shares of Acumen Pharmaceuticals by 65.2% during the 4th quarter. PFG Investments LLC now owns 19,000 shares of the company’s stock worth $40,000 after buying an additional 7,500 shares during the last quarter. 71.01% of the stock is currently owned by 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.