The sale was made as part of an automated “sale to cover” transaction to resolve withholding tax liabilities related to the acquisition of restricted stock units. This was done under a Rule 10b5-1 trading plan adopted by O’Connell on June 24, 2024. Following this transaction, O’Connell continues to hold 667,488 shares of Acumen Pharmaceuticals. Stock, which InvestingPro analysis suggests it is currently undervalued, having fallen more than 50% over the past six months despite maintaining an overall financial health rating of Decent. Subscribers can access 10 additional ProTips and comprehensive financial analysis for ABOS on InvestingPro. Stock, which InvestingPro analysis suggests it is currently undervalued, having fallen more than 50% over the past six months despite maintaining an overall financial health rating of Decent. Subscribers can access 10 additional ProTips and comprehensive financial analysis for ABOS on InvestingPro.
The sale was made as part of an automated “sale to cover” transaction to resolve withholding tax liabilities related to the acquisition of restricted stock units. This was done under a Rule 10b5-1 trading plan adopted by O’Connell on June 24, 2024. Following this transaction, O’Connell continues to hold 667,488 shares of Acumen Pharmaceuticals.
In other recent news, Acumen Pharmaceuticals announced its financial results and development milestones for the third quarter of 2024, indicating significant progress in its Phase II ALTITUDE-AD study for its lead drug candidate, sabirnetug. The company reported a strong cash position of $259 million, with total research and development expenses of $27.2 million and a net loss of $29.8 million for the quarter. Acumen’s focus remains on advancing sabinnetug, which is designed to target early Alzheimer’s disease.
The company has seen faster enrollment of patients in trials and is developing a subcutaneous formulation. The results of this Phase I study are expected in the first quarter of 2025. Acumen Pharmaceuticals is strategically focusing its efforts towards the development of sabinnetug, and the completion of the Phase II trial is expected in the first half of 2025.
The company also reported recent appointments to strengthen its regulatory team. Despite a net loss of $29.8 million during the quarter, the company maintains a strong cash reserve to fund ongoing research and development. Because these are recent developments, stakeholders are watching Acumen Pharmaceuticals closely as it navigates the next stages of clinical development.
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