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

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

Wall Street Analyst Weigh In

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

Acumen Pharmaceuticals Trading Down 3.8 %

Shares of Acumen Pharmaceuticals stock opened at $1.50 on Monday. The stock has a fifty day simple moving average of $1.87 and a 200 day simple moving average of $2.41. The company has a current ratio of 10.43, a quick ratio of 10.43 and a debt-to-equity ratio of 0.14. Acumen Pharmaceuticals has a 12-month low of $1.50 and a 12-month high of $5.09. The company has a market capitalization of $90.12 million, a P/E ratio of -1.09 and a beta of 0.02.

Acumen Pharmaceuticals (NASDAQ:ABOS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.14). During the same period last year, the firm earned ($0.24) earnings per share. On average, sell-side analysts anticipate that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Acumen Pharmaceuticals

In other news, CFO Matt Zuga sold 28,902 shares of Acumen Pharmaceuticals stock in a transaction dated Thursday, January 23rd. The stock was 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 of the company’s stock, valued at approximately $398,599.68. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 value of $87,911.52. Following the sale, the chief executive officer now directly owns 454,707 shares in the company, valued at $836,660.88. The trade was 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 90 days. Insiders own 7.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ABOS. American Century Companies Inc. boosted its position in Acumen Pharmaceuticals by 31.3% in the second quarter. American Century Companies Inc. now owns 45,444 shares of the company’s stock worth $110,000 after purchasing an additional 10,840 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Acumen Pharmaceuticals during the 2nd quarter valued at $818,000. SG Americas Securities LLC purchased a new position in shares of Acumen Pharmaceuticals during the 3rd quarter valued at $44,000. FMR LLC lifted its position in shares of Acumen Pharmaceuticals by 0.3% during the 3rd quarter. FMR LLC now owns 2,028,117 shares of the company’s stock valued at $5,030,000 after buying an additional 6,014 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Acumen Pharmaceuticals by 18.3% during the 3rd quarter. State Street Corp now owns 516,406 shares of the company’s stock valued at $1,281,000 after buying an additional 79,841 shares during the last quarter. Hedge funds and other institutional investors 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.