Apnimed, Inc. (NASDAQ:APMD) Sees Large Growth in Short Interest

Apnimed, Inc. (NASDAQ:APMD) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 1,764,739 shares, an increase of 100.6% from the September 15th total of 879,684 shares. Currently, 4.2% of the shares of the company are short sold. Based on an average daily volume of 843,078 shares, the short-interest ratio is presently 2.1 days.

Insider Buying and Selling at Apnimed

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

Analyst Upgrades and Downgrades

APMD has been the topic of several recent research reports. Lifesci Capital started coverage on Apnimed in a research report on Tuesday, August 25th. They set an “outperform” rating and a $50.00 price objective on the stock. Wall Street Zen raised shares of Apnimed to a “hold” rating in a research report on Saturday, August 8th. Bank of America initiated coverage on shares of Apnimed in a research report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 target price for the company. Evercore began coverage on shares of Apnimed in a research note on Tuesday, August 25th. They issued an “outperform” rating on the stock. Finally, Cantor Fitzgerald began coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.33.

Apnimed Trading Up 5.8%

Shares of NASDAQ APMD traded up $1.00 during midday trading on Thursday, reaching $18.23. The company’s stock had a trading volume of 47,362 shares, compared to its average volume of 480,348. Apnimed has a fifty-two week low of $16.12 and a fifty-two week high of $35.29. The stock’s 50 day moving average price is $25.50. The firm has a market cap of $758.91 million and a P/E ratio of 35.75.

Apnimed (NASDAQ:APMD) last issued its quarterly earnings results on Tuesday, September 8th. The company reported $0.51 earnings per share (EPS) for the quarter. The company had revenue of $12.08 million during the quarter. Sell-side analysts anticipate that Apnimed will post -0.24 earnings per share for the current year.

Apnimed Company Profile

Apnimed is a clinical-stage pharmaceutical company focused on developing oral medicines for sleep apnea, a common sleep-related breathing disorder. The company aims to provide alternatives to mechanical treatments such as continuous positive airway pressure (CPAP) devices.

Apnimed’s leading investigational product is AD109, an oral combination of atomoxetine and aroxybutynin being developed for the treatment of obstructive sleep apnea. The therapy is designed to improve upper-airway muscle activity during sleep and is being evaluated in clinical studies.