Apnimed (NASDAQ:APMD) Shares Down 6.1% – Here’s What Happened

Apnimed, Inc. (NASDAQ:APMD)’s stock price dropped 6.1% during trading on Monday. The stock traded as low as $20.11 and last traded at $20.32. 15,898 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 483,218 shares. The stock had previously closed at $21.63.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on Apnimed in a research note on Tuesday, August 25th. They set an “overweight” rating and a $60.00 price objective for the company. Zacks Research upgraded Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Bank of America started coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set a “buy” rating and a $41.00 price target for the company. Evercore assumed coverage on shares of Apnimed in a research note on Tuesday, August 25th. They issued an “outperform” rating for the company. Finally, Lifesci Capital began coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating and a $50.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Apnimed has an average rating of “Moderate Buy” and an average price target of $50.33.

Apnimed Price Performance

The stock has a fifty day moving average of $27.24.

Apnimed (NASDAQ:APMD) last posted its quarterly earnings results on Tuesday, September 8th. The company reported $0.51 earnings per share (EPS) for the quarter. The firm had revenue of $12.08 million for the quarter. On average, sell-side analysts predict that Apnimed, Inc. will post -0.24 earnings per share for the current year.

Insiders Place Their Bets

In other Apnimed news, major shareholder Morningside Venture Investment bought 312,500 shares of the stock in a transaction on Monday, August 3rd. The stock was purchased at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the purchase, the insider directly owned 7,152,713 shares in the company, valued at approximately $114,443,408. This trade represents a 4.57% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Apnimed Company Profile

Apnimed Inc is a clinical-stage pharmaceutical company focused on developing oral medicines for sleep apnea. The company is working to provide pharmacologic alternatives to device-based treatments for patients with obstructive sleep apnea, a condition involving repeated interruptions in breathing during sleep.

Apnimed’s lead candidate is AD109, an investigational once-daily combination of atomoxetine and aroxybutynine. The therapy is designed to improve the activity of muscles that help keep the upper airway open during sleep.