Apnimed (NASDAQ:APMD) Shares Down 6.2% – Should You Sell?

Shares of Apnimed, Inc. (NASDAQ:APMD) were down 6.2% during trading on Monday . The stock traded as low as $27.20 and last traded at $27.20. Approximately 29,193 shares changed hands during trading, a decline of 93% from the average daily volume of 433,293 shares. The stock had previously closed at $29.00.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Lifesci Capital started coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating and a $50.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 price target for the company. Bank of America started coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 price objective for the company. Wall Street Zen raised Apnimed to a “hold” rating in a research report on Saturday, August 8th. Finally, Evercore assumed coverage on Apnimed in a research report on Tuesday, August 25th. They issued an “outperform” rating on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

Apnimed Stock Performance

Apnimed (NASDAQ:APMD) last announced its earnings results on Tuesday, September 8th. The company reported $0.51 earnings per share for the quarter. The company had revenue of $12.08 million for the quarter. Analysts forecast that Apnimed, Inc. will post -0.24 earnings per share for the current year.

Insider Transactions at Apnimed

In other news, major shareholder Morningside Venture Investment bought 312,500 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were acquired at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the completion of the transaction, the insider owned 7,152,713 shares of the company’s stock, valued at approximately $114,443,408. This trade represents a 4.57% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Apnimed Company Profile

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.