Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Sees Significant Growth in Short Interest

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) saw a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 1,560,000 shares, a growth of 9.1% from the December 31st total of 1,430,000 shares. Approximately 3.5% of the shares of the stock are sold short. Based on an average daily volume of 276,000 shares, the short-interest ratio is presently 5.7 days.

Acumen Pharmaceuticals Trading Down 3.8 %

NASDAQ:ABOS opened at $1.50 on Monday. The company has a market cap of $90.12 million, a P/E ratio of -1.09 and a beta of 0.02. The company has a quick ratio of 10.43, a current ratio of 10.43 and a debt-to-equity ratio of 0.14. Acumen Pharmaceuticals has a twelve month low of $1.50 and a twelve month high of $5.09. The business has a 50 day moving average price of $1.87 and a two-hundred day moving average price of $2.41.

Acumen Pharmaceuticals (NASDAQ:ABOS) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.14). During the same quarter in the prior year, the business earned ($0.24) earnings per share. As a group, analysts expect that Acumen Pharmaceuticals will post -1.56 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Transactions at Acumen Pharmaceuticals

In related news, CEO Daniel Joseph Oconnell sold 47,778 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $1.84, for a total transaction of $87,911.52. Following the transaction, the chief executive officer now owns 454,707 shares of the company’s stock, valued at approximately $836,660.88. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Matt Zuga sold 28,902 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $1.72, for a total transaction of $49,711.44. Following the completion of the sale, the chief financial officer now directly owns 231,744 shares in the company, valued at $398,599.68. This trade represents a 11.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 131,526 shares of company stock valued at $233,124 in the last quarter. Insiders own 7.10% of the company’s stock.

Institutional Investors Weigh In On Acumen Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in Acumen Pharmaceuticals during the 2nd quarter worth $818,000. Franklin Resources Inc. increased its position in Acumen Pharmaceuticals by 5.4% during the 3rd quarter. Franklin Resources Inc. now owns 3,549,069 shares of the company’s stock worth $8,340,000 after buying an additional 181,451 shares during the period. State Street Corp increased its position in Acumen Pharmaceuticals by 18.3% during the 3rd quarter. State Street Corp now owns 516,406 shares of the company’s stock worth $1,281,000 after buying an additional 79,841 shares during the period. Geode Capital Management LLC increased its position in Acumen Pharmaceuticals by 6.5% during the 3rd quarter. Geode Capital Management LLC now owns 864,528 shares of the company’s stock worth $2,144,000 after buying an additional 52,395 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Acumen Pharmaceuticals by 252.8% in the third quarter. JPMorgan Chase & Co. now owns 63,066 shares of the company’s stock worth $156,000 after purchasing an additional 45,189 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Acumen Pharmaceuticals Company Profile

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.