Apnimed (NASDAQ:APMD) Shares Climb 6.1% – Time to Buy?

Apnimed, Inc. (NASDAQ:APMD)’s stock price rose 6.1% during trading on Tuesday. The company traded as high as $23.57 and last traded at $22.99. 101,944 shares changed hands during trading, a decline of 78% from the average daily volume of 467,593 shares. The stock had previously closed at $21.67.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on APMD. Bank of America began coverage on Apnimed in a report on Tuesday, August 25th. They set a “buy” rating and a $41.00 price target on the stock. Lifesci Capital initiated coverage on Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating and a $50.00 price objective for the company. Zacks Research upgraded Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Cantor Fitzgerald started coverage on shares of Apnimed in a research report on Tuesday, August 25th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Evercore started coverage on Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.33.

Apnimed Stock Performance

The firm’s 50-day moving average is $26.92.

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

Insider Transactions at Apnimed

In related news, major shareholder Morningside Venture Investment bought 312,500 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were purchased at an average price of $16.00 per share, with a total value of $5,000,000.00. Following the transaction, the insider owned 7,152,713 shares in the company, valued at $114,443,408. This trade represents a 4.57% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

About Apnimed

Apnimed Inc is a clinical-stage pharmaceutical company focused on developing oral medicines for sleep apnea. The company is working to provide pharmacologic alternatives to device-based treatments for patients with obstructive sleep apnea, a condition involving repeated interruptions in breathing during sleep.

Apnimed’s lead candidate is AD109, an investigational once-daily combination of atomoxetine and aroxybutynine. The therapy is designed to improve the activity of muscles that help keep the upper airway open during sleep.