Acumen Pharmaceuticals (NASDAQ:ABOS) Shares Down 4% – Here’s Why

Shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) dropped 4% during mid-day trading on Monday . The company traded as low as $1.20 and last traded at $1.20. Approximately 276,202 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 295,985 shares. The stock had previously closed at $1.25.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $15.00 target price on shares of Acumen Pharmaceuticals in a research note on Wednesday, November 13th.

Acumen Pharmaceuticals Trading Up 0.8 %

The business’s 50 day moving average is $1.49 and its two-hundred day moving average is $2.10. The company has a quick ratio of 10.43, a current ratio of 10.43 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $76.90 million, a P/E ratio of -0.93 and a beta of 0.02.

Insider Activity at Acumen Pharmaceuticals

In related news, CFO Matt Zuga sold 28,902 shares of Acumen Pharmaceuticals stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $1.72, for a total transaction of $49,711.44. Following the sale, the chief financial officer now directly owns 231,744 shares in the company, valued at $398,599.68. The trade was a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel Joseph Oconnell sold 47,778 shares of Acumen Pharmaceuticals stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $1.84, for a total transaction of $87,911.52. Following the sale, the chief executive officer now owns 454,707 shares in the company, valued at approximately $836,660.88. This represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 131,526 shares of company stock worth $233,124 over the last ninety days. 7.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Two Sigma Advisers LP raised its position in Acumen Pharmaceuticals by 6.4% in the fourth quarter. Two Sigma Advisers LP now owns 499,100 shares of the company’s stock worth $858,000 after acquiring an additional 30,000 shares in the last quarter. Deutsche Bank AG raised its position in Acumen Pharmaceuticals by 468.7% in the fourth quarter. Deutsche Bank AG now owns 96,995 shares of the company’s stock worth $167,000 after acquiring an additional 79,940 shares in the last quarter. Bank of America Corp DE raised its position in Acumen Pharmaceuticals by 7.2% in the fourth quarter. Bank of America Corp DE now owns 148,668 shares of the company’s stock worth $256,000 after acquiring an additional 9,944 shares in the last quarter. Jane Street Group LLC raised its position in Acumen Pharmaceuticals by 116.1% in the fourth quarter. Jane Street Group LLC now owns 30,740 shares of the company’s stock worth $53,000 after acquiring an additional 221,144 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Acumen Pharmaceuticals in the fourth quarter worth about $25,000. 71.01% of the stock is currently owned by institutional investors.

About Acumen Pharmaceuticals

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops targeted therapies for the treatment of Alzheimer’s disease. The company focuses on advancing a targeted immunotherapy drug candidate sabirnetug (ACU193), a recombinant humanized immunoglobulin gamma 2 that completed Phase I clinical trial to target soluble amyloid-beta oligomers.