Apnimed (NASDAQ:APMD) Shares Down 7.2% – Here’s Why

Apnimed, Inc. (NASDAQ:APMD) was down 7.2% on Tuesday. The company traded as low as $20.11 and last traded at $20.19. 80,806 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 484,502 shares. The stock had previously closed at $21.75.

Analysts Set New Price Targets

A number of research firms have recently weighed in on APMD. Lifesci Capital started coverage on Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating and a $50.00 price target for the company. Bank of America started 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 initiated coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an “outperform” rating on the stock. Wall Street Zen raised shares of Apnimed to a “hold” rating in a research note on Saturday, August 8th. Finally, Cantor Fitzgerald began coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “overweight” rating and a $60.00 price objective for the company. Four 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, Apnimed has a consensus rating of “Moderate Buy” and an average target price of $50.33.

Apnimed Stock Down 3.3%

The company’s 50 day moving average is $26.26. The company has a market capitalization of $751.01 million and a price-to-earnings ratio of 35.37.

Apnimed (NASDAQ:APMD) last announced its 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 for the quarter. As a group, equities research analysts forecast that Apnimed, Inc. will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling at Apnimed

In other news, major shareholder Morningside Venture Investment acquired 312,500 shares of the firm’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 represents a 4.57% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

About Apnimed

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.