Acumen Pharmaceuticals (NASDAQ:ABOS) Trading Down 4% - Here's What Happened

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) saw its stock price decrease by 4% on Monday, closing at $1.20. The stock even dipped to a low of $1.20 during the trading day. A total of 276,202 shares were traded, reflecting a 7% drop in activity compared to the average trading volume of 295,985 shares. The previous trading day had seen the stock close at $1.25.

Market Updates:

Analyst Ratings

Recently, HC Wainwright maintained a "buy" rating on Acumen Pharmaceuticals, setting a price target of $15.00 for the shares in a report released on November 13.

Acumen Pharmaceuticals Trading Down 4.0%

The company's recent performance comes on the heels of earlier news of progress on an Alzheimer's study, which had previously led to a spike in stock prices.

Financial metrics show that Acumen has a current ratio of 10.43 and a quick ratio that matches, with a debt-to-equity ratio of 0.14. The company's market capitalization stands at $72.10 million, with a price-to-earnings ratio of -0.87 and a beta of 0.02. The 50-day moving average price of the stock is $1.51, while the 200-day moving average price is $2.12.

Insider Transactions

In insider trading activities, the company's CFO, Matt Zuga, sold 28,902 shares on January 23 at an average price of $1.72, totaling $49,711.44. After this transaction, he now holds 231,744 shares valued at approximately $398,599.68, which is a decrease of 11.09% in his holding. Additionally, CEO Daniel Joseph O’Connell disposed of 47,778 shares on January 3 at an average price of $1.84, resulting in a total sale of $87,911.52. Post-sale, he retains 454,707 shares worth about $836,660.88, marking a 9.51% reduction in his ownership. In total, insiders have sold 131,526 shares valued at $233,124 in the past ninety days, representing about 7.10% of the company's stock held by insiders.

Institutional Investment Activity

A number of institutional investors have made changes to their positions in Acumen Pharmaceuticals lately. Two Sigma Advisers LP increased its holdings by 6.4%, owning 499,100 shares after acquiring 30,000 additional shares in the previous quarter. Deutsche Bank AG expanded its stake by an impressive 468.7%, now holding 96,995 shares after purchasing another 79,940 shares. Bank of America Corp DE raised its stake by 7.2% and now owns 148,668 shares. Jane Street Group LLC saw a significant increase of 116.1%, with a new total of 30,740 shares following an acquisition of over 221,000 shares. Susquehanna Fundamental Investments LLC also acquired a new stake valued at roughly $25,000. Overall, 71.01% of Acumen's stock is owned by institutional investors.

Company Overview

Acumen Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing targeted therapies for Alzheimer's disease. Their key drug candidate, sabirnetug (ACU193), is a recombinant humanized immunoglobulin gamma 2 that has completed Phase I clinical trials targeting soluble amyloid-beta oligomers.

Investment Caution

Before considering an investment in Acumen Pharmaceuticals, investors may want to take note that top-rated analysts have identified five stocks that they believe represent better opportunities at this time. While Acumen currently has a buy recommendation, it was not included on the list of favored stocks.

Acumen, Stock, Investment