Acumen Pharmaceuticals (NASDAQ:ABOS) Director Sells $29,824.00 in Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Derrell Porter sold 12,800 shares of Acumen Pharmaceuticals stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $2.33, for a total value of $29,824.00. Following the sale, the director owned 35,500 shares of the company’s stock, valued at approximately $82,715. This trade represents a 26.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 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 Stock Performance

ABOS stock opened at $2.26 on Friday. The company has a market capitalization of $163.24 million, a PE ratio of -1.22 and a beta of 0.34. Acumen Pharmaceuticals, Inc. has a 12 month low of $1.10 and a 12 month high of $3.60. The firm’s 50-day moving average is $2.45 and its 200 day moving average 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 (NASDAQ:ABOS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. On average, research analysts anticipate that Acumen Pharmaceuticals, Inc. will post -1.39 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on ABOS. 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. Wall Street Zen downgraded Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.00.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several large investors have recently modified their holdings of ABOS. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Acumen Pharmaceuticals in the 3rd quarter worth approximately $27,000. Sei Investments Co. bought a new position in Acumen Pharmaceuticals in the first quarter worth approximately $27,000. Marex Group plc bought a new position in Acumen Pharmaceuticals in the second quarter worth approximately $39,000. Independent Advisor Alliance purchased a new stake in Acumen Pharmaceuticals during the fourth quarter worth $40,000. Finally, PFG Investments LLC lifted its holdings in Acumen Pharmaceuticals by 65.2% during the fourth 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 period. Institutional investors own 71.01% of the company’s stock.

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.