Apnimed (NASDAQ:APMD) Shares Gap Up – Still a Buy?

Shares of Apnimed, Inc. (NASDAQ:APMD) gapped up prior to trading on Thursday. The stock had previously closed at $16.78, but opened at $17.52. Apnimed shares last traded at $16.69, with a volume of 9,289 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on APMD shares. Bank of America began coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 target price on the stock. Zacks Research upgraded shares of Apnimed to a “hold” rating in a research report on Wednesday, August 26th. Cantor Fitzgerald initiated coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 price target for the company. Wall Street Zen upgraded shares of Apnimed to a “hold” rating in a research report on Saturday, August 8th. Finally, Evercore began coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating on the stock. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Apnimed currently has an average rating of “Moderate Buy” and an average target price of $50.33.

Apnimed Trading Down 0.7%

The stock’s 50-day simple moving average is $20.96. The firm has a market cap of $693.57 million and a PE ratio of 6.33.

Apnimed (NASDAQ:APMD) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $0.51 EPS for the quarter. The business had revenue of $12.08 million during the quarter. As a group, equities research analysts forecast that Apnimed, Inc. will post -0.24 earnings per share for the current year.

About Apnimed

Apnimed is a clinical-stage pharmaceutical company focused on developing medicines for sleep-related breathing disorders, particularly obstructive sleep apnea. The company aims to offer drug-based treatment options for people who may not use or benefit from existing device-based therapies. Its lead candidate, AD109, is an investigational oral combination of atomoxetine and aroxybutynin (oxybutynin) designed to help maintain upper-airway muscle activity during sleep. Apnimed has evaluated AD109 in clinical trials for obstructive sleep apnea; it is not an approved treatment.