Insider Selling: Acumen Pharmaceuticals (NASDAQ:ABOS) CEO Sells $75,132.45 in Stock

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) CEO Daniel Joseph Oconnell sold 37,755 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $1.99, for a total transaction of $75,132.45. Following the sale, the chief executive officer directly owned 619,982 shares in the company, valued at approximately $1,233,764.18. This represents a 5.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Daniel Joseph Oconnell also recently made the following trade(s):

• On Tuesday, January 6th, Daniel Joseph Oconnell sold 5,102 shares of Acumen Pharmaceuticals stock. The shares were sold at an average price of $1.97, for a total transaction of $10,050.94.
• On Monday, January 5th, Daniel Joseph Oconnell sold 4,649 shares of Acumen Pharmaceuticals stock. The stock was sold at an average price of $1.97, for a total value of $9,158.53.

Acumen Pharmaceuticals Stock Performance

ABOS opened at $1.81 on Friday. Acumen Pharmaceuticals, Inc. has a 1-year low of $0.86 and a 1-year high of $2.46. The stock has a market cap of $109.63 million, a P/E ratio of -0.82 and a beta of 0.23. The stock’s 50 day simple moving average is $1.94 and its 200 day simple moving average is $1.68. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.02 and a quick ratio of 6.02.

Acumen Pharmaceuticals (NASDAQ:ABOS) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.19. As a group, equities analysts anticipate that Acumen Pharmaceuticals, Inc. will post -1.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Acumen Pharmaceuticals during the third quarter worth about $27,000. Marex Group plc acquired a new stake in Acumen Pharmaceuticals during the second quarter worth approximately $39,000. AQR Capital Management LLC acquired a new stake in Acumen Pharmaceuticals during the first quarter worth approximately $46,000. Qube Research & Technologies Ltd grew its stake in Acumen Pharmaceuticals by 160.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 57,559 shares of the company’s stock worth $67,000 after acquiring an additional 35,424 shares during the period. Finally, Invesco Ltd. raised its holdings in Acumen Pharmaceuticals by 544.1% in the 1st quarter. Invesco Ltd. now owns 127,798 shares of the company’s stock valued at $141,000 after acquiring an additional 107,956 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABOS has been the topic of a number of research reports. Bank of America lowered their price objective on shares of Acumen Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Acumen Pharmaceuticals in a report on Tuesday, October 14th. Finally, Wall Street Zen raised shares of Acumen Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, December 21st. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $6.75.

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.