ADAR1 Capital Management LLC Makes New Investment in Acumen Pharmaceuticals, Inc. $ABOS

Key Points

• ADAR1 Capital Management acquired 2.11 million Acumen Pharmaceuticals shares worth approximately $5.64 million, giving it a 2.92% stake. Institutional investors collectively own 71.01% of ABOS.
• Analyst sentiment is mixed: two analysts rate the stock Buy while one rates it Sell, resulting in a consensus “Hold” rating and an $8.00 target price. Recent insider activity was negative, with insiders selling 38,700 shares during the quarter.
• ABOS opened at $3.10, well below its 52-week high of $3.60, while the company reported a quarterly loss of $0.45 per share—$0.09 worse than estimates. Acumen is a clinical-stage biopharmaceutical company developing oral therapies for neurodegenerative diseases.

ADAR1 Capital Management LLC acquired a new position in shares of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,111,334 shares of the company's stock, valued at approximately $5,637,000. ADAR1 Capital Management LLC owned approximately 2.92% of Acumen Pharmaceuticals as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Sei Investments Co. bought a new stake in Acumen Pharmaceuticals during the first quarter worth $27,000. Jacobs Levy Equity Management Inc. acquired a new stake in Acumen Pharmaceuticals in the 3rd quarter valued at about $27,000. Marex Group plc acquired a new stake in Acumen Pharmaceuticals in the 2nd quarter valued at about $39,000. Independent Advisor Alliance bought a new position in Acumen Pharmaceuticals during the fourth quarter worth about $40,000. Finally, Marshall Wace LLP bought a new position in Acumen Pharmaceuticals during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Buying and Selling

In other Acumen Pharmaceuticals news, Director Derrell Porter sold 13,040 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $2.33, for a total transaction of $30,383.20. Following the transaction, the director owned 35,500 shares in the company, valued at $82,715. This trade represents a 26.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 38,700 shares of company stock valued at $89,660. Corporate insiders own 10.20% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen lowered Acumen Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Acumen Pharmaceuticals in a research note on Monday, July 6th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $8.00.

Acumen Pharmaceuticals Stock Up 0.6%

Shares of ABOS opened at $3.10 on Wednesday. Acumen Pharmaceuticals, Inc. has a 52 week low of $1.21 and a 52 week high of $3.60. The firm has a market cap of $224.19 million, a P/E ratio of -1.90 and a beta of 0.36. The firm's 50-day simple moving average is $2.48 and its 200 day simple moving average is $2.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.47 and a current ratio of 2.47.

Acumen Pharmaceuticals (NASDAQ:ABOS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). On average, analysts forecast that Acumen Pharmaceuticals, Inc. will post -1.6 earnings per share for the current year.

Acumen Pharmaceuticals Profile

Acumen Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral small molecule therapies for neurodegenerative diseases. Leveraging a proprietary drug discovery platform that integrates chemoproteomics, high-throughput screening and computational chemistry, the company seeks to identify and optimize compounds that selectively modulate pathological protein aggregation. Its approach is designed to address the underlying biology of conditions such as Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis and related proteinopathies.

The company's pipeline comprises multiple lead candidates at various stages of preclinical and early clinical development.

Want to see what other hedge funds are holding ABOS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.