Apnimed (NASDAQ:APMD) Stock Price Down 5.7% – What’s Next?

Apnimed, Inc. (NASDAQ:APMD)’s stock price dropped 5.7% during trading on Monday. The company traded as low as $16.75 and last traded at $16.75. Approximately 201,343 shares were traded during mid-day trading, a decline of 58% from the average session volume of 474,519 shares. The stock had previously closed at $17.76.

Analysts Set New Price Targets

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

Apnimed Trading Down 5.7%

The stock has a market cap of $697.30 million and a price-to-earnings ratio of 6.37. The firm has a fifty day moving average of $25.12.

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

Insider Activity at Apnimed

In related 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 shares were acquired at an average price of $16.00 per share, with a total value 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. The trade was a 4.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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.