JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Zuga Matt, the CFO and Chief Business Officer of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS), recently executed a series of stock transactions as reported in a recent SEC filing. The micro-cap biotech company, currently valued at $110 million, appears undervalued according to InvestingPro analysis. On January 3, Zuga sold a total of 13,235 shares of common stock, generating approximately $24,366. The shares were sold at a weighted average price of $1.8411, with individual transaction prices ranging from $1.7700 to $1.9000.
Additionally, on January 6, Zuga acquired 66,800 shares through a restricted stock unit (RSU) award. These RSUs were granted at no cost and will vest over a three-year period, contingent on continuous service. On the same day, Zuga was also granted 100,300 employee stock options, which will vest monthly over four years and expire in January 2035.
Following these transactions, Zuga's direct ownership in Acumen Pharmaceuticals stands at 265,010 shares.
In other recent news, Acumen Pharmaceuticals reported its third-quarter financials and developmental milestones. The company highlighted its progress in the Phase II ALTITUDE-AD study of their lead drug candidate, sabirnetug, designed to target early Alzheimer’s disease. The trial is progressing faster than expected with over 75 active sites and rapid patient enrollment. Financially, Acumen is in a solid position with $259 million in cash and securities, despite a net loss of $29.8 million for the quarter.
Research and development expenses for the quarter amounted to $27.2 million. 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 the Phase I study are anticipated in Q1 2025.
Acumen has made recent appointments to strengthen its regulatory team. It is also targeting patients with mild cognitive impairment or mild dementia, especially those with low amyloid plaque loads. The company is poised to make decisions on the next steps for the subcutaneous formulation after reviewing Phase I data. These are the recent developments at Acumen Pharmaceuticals.
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