Derek M. Meisner, the Chief Legal Officer and Corporate Secretary of Acumen Pharmaceuticals , Inc. (NASDAQ:ABOS), a clinical-stage biopharmaceutical company with a Fair financial health rating according to InvestingPro, recently sold shares of the company. According to a recent SEC filing, Meisner sold 3,418 shares of Acumen Pharmaceuticals at a price of $1.59 per share, totaling approximately $5,434. This transaction was executed to cover tax withholding obligations related to the vesting of restricted stock units, as part of a pre-established trading plan under Rule 10b5-1. Following the sale, Meisner retains ownership of 161,127 shares in the company. The stock has experienced significant volatility, declining over 50% in the past six months, though InvestingPro analysis suggests the company is currently undervalued. For comprehensive insider trading patterns and detailed financial analysis, including 10+ additional ProTips, explore the full Pro Research Report available on InvestingPro.
In other recent news, Acumen Pharmaceuticals reported significant progress in its Q3 2024 earnings call. The company highlighted advancements 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. The company also noted a robust financial standing, boasting a cash position of $259 million.
Acumen Pharmaceuticals reported research and development expenses of $27.2 million, with a net loss of $29.8 million for the quarter. Results for a subcutaneous formulation of sabirnetug are expected in Q1 2025. The company is strategically focusing on the development of sabirnetug, with the Phase II trial expected to conclude in the first half of 2025.
Despite incurring a net loss, the company maintains a strong cash reserve to fund ongoing research and development. The company's CEO, Dan O'Connell, expressed confidence in the progress of the ALTITUDE-AD trial and the potential of sabirnetug to become a next-generation treatment for Alzheimer's disease. These are the recent developments at Acumen Pharmaceuticals.
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