Derrell Porter Sells 6,460 Shares of Acumen Pharmaceuticals (NASDAQ:ABOS) Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Director Derrell Porter sold 6,460 shares of Acumen Pharmaceuticals 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 completion of the transaction, the director directly owned 48,300 shares in the company, valued at approximately $113,505. The trade was a 11.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were 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 Price Performance

Shares of ABOS opened at $2.26 on Friday. The company has a 50 day moving average of $2.46 and a two-hundred day moving average of $2.43. The company has a quick ratio of 4.55, a current ratio of 4.55 and a debt-to-equity ratio of 0.19. Acumen Pharmaceuticals, Inc. has a twelve month low of $1.10 and a twelve month high of $3.60. The company has a market cap of $163.24 million, a price-to-earnings ratio of -1.22 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.07. As a group, analysts predict that Acumen Pharmaceuticals, Inc. will post -1.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in ABOS. ADAR1 Capital Management LLC raised its stake in 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 acquiring an additional 1,265,151 shares during the last quarter. OMERS ADMINISTRATION Corp grew its stake in Acumen Pharmaceuticals by 27.4% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 28,600 shares of the company’s stock valued at $67,000 after purchasing an additional 6,146 shares during the last quarter. Renaissance Technologies LLC increased 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 valued at $1,119,000 after purchasing an additional 50,846 shares during the period. Sei Investments Co. acquired a new position in shares of Acumen Pharmaceuticals in the first quarter valued at about $27,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Acumen Pharmaceuticals by 144.1% in the first quarter. Dimensional Fund Advisors LP now owns 119,756 shares of the company’s stock worth $282,000 after purchasing an additional 70,694 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ABOS shares. Wall Street Zen cut Acumen Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. BTIG Research restated a “buy” rating and set a $8.00 price target on shares of Acumen Pharmaceuticals in a research note on Thursday, March 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Wednesday, April 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.