Apnimed (NASDAQ:APMD) Shares Down 5% – Here’s What Happened

Shares of Apnimed, Inc. (NASDAQ:APMD) were down 5% on Wednesday. The company traded as low as $17.93 and last traded at $18.52. 69,971 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 449,008 shares. The stock had previously closed at $19.49.

Analyst Ratings Changes

APMD has been the subject of a number of research reports. Lifesci Capital began coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an “outperform” rating and a $50.00 target price for the company. Cantor Fitzgerald began coverage on Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 target price on the stock. Zacks Research raised Apnimed to a “hold” rating in a report on Wednesday, August 26th. Wall Street Zen raised Apnimed to a “hold” rating in a research note on Saturday, August 8th. Finally, Bank of America assumed coverage on Apnimed in a report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 target price for the company. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.33.

Apnimed Stock Performance

The firm’s fifty day simple moving average is $23.18.

Apnimed (NASDAQ:APMD) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $0.51 EPS for the quarter. The company had revenue of $12.08 million during the quarter. Research analysts forecast that Apnimed, Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Morningside Venture Investment purchased 312,500 shares of Apnimed stock in a transaction that occurred on Monday, August 3rd. The stock was acquired at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the transaction, the insider owned 7,152,713 shares in the company, valued at $114,443,408. The trade was a 4.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Apnimed Company Profile

Apnimed Inc is a clinical-stage pharmaceutical company focused on developing medicines for sleep-related breathing disorders, particularly obstructive sleep apnea (OSA). The company is developing oral therapies intended to address the underlying physiological causes of OSA rather than relying solely on mechanical devices such as continuous positive airway pressure machines.

Apnimed’s lead program is AD109, an investigational once-daily oral therapy designed to improve upper-airway muscle activity during sleep.