TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
CHARLOTTESVILLE, VA—Barton Russell, Chief Operating Officer of Acumen Pharmaceuticals, Inc. (NASDAQ:ABOS), a $110 million market cap biotech company currently identified as undervalued by InvestingPro models, recently executed a series of stock transactions as reported in a recent filing with the Securities and Exchange Commission.
On January 3, Russell sold 7,636 shares of Acumen common stock, generating proceeds of approximately $14,225. The shares were sold at a weighted average price of $1.8629, with individual transaction prices ranging from $1.77 to $1.90. The stock has seen significant volatility, trading between $1.69 and $5.09 over the past 52 weeks.
In addition to the sale, Russell acquired 49,800 shares of common stock on January 6 through a restricted stock unit (RSU) award, with no cash exchange involved. The RSUs will vest in three equal annual installments beginning one year from the grant date, contingent upon Russell’s continued service.
Furthermore, Russell was granted options to purchase 74,700 shares of common stock, which will vest in equal monthly installments over four years, subject to his ongoing service with the company.
Following these transactions, Russell holds a total of 139,031 shares of Acumen Pharmaceuticals.
In other recent news, Acumen Pharmaceuticals has provided some key updates on its financials and developmental milestones for the third quarter of 2024. The company reported a strong cash position of $259 million and a net loss of $29.8 million for the quarter. Research and development expenses were disclosed to be $27.2 million.
Significant progress was noted in their Phase II ALTITUDE-AD study of sabirnetug, a drug candidate targeting early Alzheimer’s disease, with over 75 active sites and rapid enrollment. The company is also developing a subcutaneous formulation of sabirnetug, with Phase I study results expected in the first quarter of 2025.
Acumen Pharmaceuticals is strategically focusing on the development of sabirnetug, with the Phase II trial expected to conclude in the first half of 2025. The company has recently made appointments to strengthen its regulatory team. These are part of the recent developments in the company's operations as it continues to make strides in Alzheimer's research.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.