Apnimed (NASDAQ:APMD) Stock Price Down 6.1% – Here’s Why

Apnimed, Inc. (NASDAQ:APMD) shares fell 6.1% on Monday. The company traded as low as $20.11 and last traded at $20.32. 15,898 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 483,218 shares. The stock had previously closed at $21.63.

Wall Street Analyst Weigh In

APMD has been the subject of a number of research analyst reports. Wall Street Zen upgraded Apnimed to a “hold” rating in a report on Saturday, August 8th. Lifesci Capital initiated coverage on Apnimed in a research report on Tuesday, August 25th. They set an “outperform” rating and a $50.00 price target for the company. Bank of America started coverage on Apnimed in a research note on Tuesday, August 25th. They set a “buy” rating and a $41.00 price target for the company. Cantor Fitzgerald started coverage on Apnimed in a report on Tuesday, August 25th. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, Evercore initiated coverage on Apnimed in a research note on Tuesday, August 25th. They issued an “outperform” rating on the stock. Four investment 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 a consensus rating of “Moderate Buy” and an average price target of $50.33.

Apnimed Stock Up 0.2%

The firm’s 50 day moving average price is $27.24.

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

Insider Activity at Apnimed

In other news, major shareholder Morningside Venture Investment bought 312,500 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was acquired at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the purchase, the insider owned 7,152,713 shares of the company’s stock, valued at $114,443,408. This trade represents a 4.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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.