Daniel Joseph O’Connell, the Chief Executive Officer of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS), recently sold 47,778 shares of the company’s common stock. The shares were sold at an average price of $1.8392, amounting to a total transaction value of $87,873. This sale was conducted as part of a pre-arranged trading plan. The transaction comes as the stock trades near its 52-week low of $1.69, having declined over 56% in the past year. According to InvestingPro analysis, the company currently shows a Fair overall financial health rating, with analysts setting price targets between $6 and $15.
Following this transaction, O’Connell holds 454,707 shares directly. In addition to the sale, he received an award of 225,400 restricted stock units (RSUs), which will vest in three annual installments, starting a year after the grant date. Moreover, O’Connell was granted options to purchase 338,000 shares, which will vest monthly over four years. The company, currently valued at $110.25 million, maintains a strong liquidity position with more cash than debt on its balance sheet. Get more exclusive insights and detailed analysis with InvestingPro’s comprehensive research report.
In other recent news, Acumen Pharmaceuticals has announced significant progress in the third quarter of 2024. The company reported advancements in its Phase II ALTITUDE-AD study for the lead drug candidate, sabirnetug, which targets early Alzheimer’s disease. The study is progressing rapidly with over 75 active sites and an accelerated patient enrollment rate. Acumen also highlighted a strong financial position with a cash reserve of $259 million.
Research and development expenses for the quarter totaled $27.2 million, resulting in a net loss of $29.8 million. However, the company is strategically focusing on the development of sabirnetug, with the Phase II trial expected to conclude in the first half of 2025. Results for a subcutaneous formulation of sabirnetug from a Phase I study are anticipated in the first quarter of 2025.
Despite the net loss, Acumen maintains a robust cash position to fund ongoing research and development. The company has also made recent appointments to strengthen its regulatory team. These are among the latest developments in Acumen Pharmaceuticals as they continue to navigate the next stages of clinical development.
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