Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) Short Interest Up 21.6% in March

Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 1,240,000 shares, an increase of 21.6% from the March 15th total of 1,020,000 shares. Based on an average trading volume of 369,100 shares, the days-to-cover ratio is currently 3.4 days. Currently, 2.9% of the shares of the stock are sold short.

Insider Activity

In other news, CEO Daniel Joseph Oconnell sold 15,200 shares of Acumen Pharmaceuticals stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $3.47, for a total transaction of $52,744.00. Following the completion of the sale, the chief executive officer now owns 502,485 shares in the company, valued at approximately $1,743,622.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Derek M. Meisner sold 8,933 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $3.48, for a total value of $31,086.84. Following the completion of the sale, the insider now owns 108,867 shares in the company, valued at approximately $378,857.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Joseph Oconnell sold 15,200 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $3.47, for a total value of $52,744.00. Following the completion of the sale, the chief executive officer now owns 502,485 shares of the company’s stock, valued at approximately $1,743,622.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,208 shares of company stock worth $110,136. 7.50% of the stock is currently owned by insiders.

Institutional Trading of Acumen Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. RA Capital Management L.P. increased its stake in shares of Acumen Pharmaceuticals by 52.8% during the third quarter. RA Capital Management L.P. now owns 14,932,063 shares of the company’s stock valued at $61,968,000 after buying an additional 5,161,290 shares during the period. Rock Springs Capital Management LP purchased a new position in shares of Acumen Pharmaceuticals during the third quarter valued at approximately $11,672,000. Knollwood Investment Advisory LLC purchased a new position in shares of Acumen Pharmaceuticals during the third quarter valued at approximately $6,758,000. Vanguard Group Inc. increased its stake in shares of Acumen Pharmaceuticals by 152.6% during the third quarter. Vanguard Group Inc. now owns 1,856,552 shares of the company’s stock valued at $7,705,000 after buying an additional 1,121,700 shares during the period. Finally, BlackRock Inc. grew its stake in Acumen Pharmaceuticals by 23.2% in the first quarter. BlackRock Inc. now owns 3,831,321 shares of the company’s stock worth $14,980,000 after purchasing an additional 721,651 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Acumen Pharmaceuticals in a research report on Wednesday, March 27th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $12.25.

Acumen Pharmaceuticals Stock Performance

Shares of ABOS stock opened at $3.74 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 19.01 and a current ratio of 19.01. Acumen Pharmaceuticals has a fifty-two week low of $1.81 and a fifty-two week high of $11.31. The stock has a 50 day moving average price of $3.84 and a two-hundred day moving average price of $3.42. The company has a market capitalization of $224.70 million, a P/E ratio of -3.43 and a beta of 0.08.

Acumen Pharmaceuticals Company Profile

Acumen Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for the treatment of Alzheimer's disease. The company focuses on advancing a targeted immunotherapy drug candidate ACU193, a humanized monoclonal antibody that is in Phase I clinical-stage to target soluble amyloid-beta oligomers.