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

Apnimed, Inc. (NASDAQ:APMD)’s stock price fell 6.1% on Tuesday . The stock traded as low as $26.24 and last traded at $26.24. Approximately 86,793 shares were traded during trading, a decline of 75% from the average daily volume of 340,520 shares. The stock had previously closed at $27.94.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Apnimed to a “hold” rating in a research report on Saturday.

Apnimed Trading Down 5.7%

Insider Activity

In related news, major shareholder Morningside Venture Investment purchased 312,500 shares of the stock in a transaction dated Monday, August 3rd. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

About Apnimed

Apnimed Inc is a late stage clinical pharmaceutical company dedicated to the discovery, development and commercialization of novel oral therapies which address the neurobiology of sleep-related breathing diseases. Apnimed Inc is based in CAMBRIDGE, Mass.