Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Get Free Report) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,560,000 shares, a growth of 9.1% from the December 15th total of 1,430,000 shares. Approximately 3.5% of the company's shares are short sold. Based on an average daily trading volume, of 276,000 shares, the short-interest ratio is presently 5.7 days.
Separately, HC Wainwright reissued a "buy" rating and issued a $15.00 price objective on shares of Acumen Pharmaceuticals in a research note on Wednesday, November 13th.
Check Out Our Latest Analysis on ABOS
Shares of ABOS stock opened at $1.65 on Friday. The business's fifty day simple moving average is $2.05 and its 200-day simple moving average is $2.48. The company has a market cap of $99.13 million, a PE ratio of -1.20 and a beta of 0.02. 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 $1.53 and a 12-month high of $5.09.
Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.14). During the same quarter in the previous year, the business earned ($0.24) earnings per share. Analysts expect that Acumen Pharmaceuticals will post -1.56 earnings per share for the current fiscal year.
In related news, CEO Daniel Joseph Oconnell sold 47,778 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $1.84, for a total value of $87,911.52. Following the completion of the sale, the chief executive officer now owns 454,707 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 79,508 shares of company stock worth $146,556 over the last 90 days. Company insiders own 7.10% of the company's stock.
Several hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC increased its position in shares of Acumen Pharmaceuticals by 44.2% in the 4th quarter. SG Americas Securities LLC now owns 25,631 shares of the company's stock valued at $44,000 after acquiring an additional 7,859 shares during the period. JPMorgan Chase & Co. boosted its holdings in Acumen Pharmaceuticals by 252.8% in the third quarter. JPMorgan Chase & Co. now owns 63,066 shares of the company's stock valued at $156,000 after purchasing an additional 45,189 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Acumen Pharmaceuticals by 5.4% in the third quarter. Franklin Resources Inc. now owns 3,549,069 shares of the company's stock valued at $8,340,000 after purchasing an additional 181,451 shares during the last quarter. Barclays PLC boosted its holdings in Acumen Pharmaceuticals by 189.1% in the third quarter. Barclays PLC now owns 61,997 shares of the company's stock valued at $154,000 after purchasing an additional 40,551 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Acumen Pharmaceuticals by 6.5% in the third quarter. Geode Capital Management LLC now owns 864,528 shares of the company's stock valued at $2,144,000 after purchasing an additional 52,395 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.
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.
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