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

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) 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.

Analyst Upgrades and Downgrades

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.

Acumen Pharmaceuticals Stock Performance

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) 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.

Insider Buying and Selling at Acumen Pharmaceuticals

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.

Hedge Funds Weigh In On Acumen Pharmaceuticals

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.

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.