Apnimed (NASDAQ:APMD) Stock Falls 7.2% – Here’s What Happened

Apnimed, Inc. (NASDAQ:APMD) traded down 7.2% on Tuesday. The stock traded as low as $20.11 and last traded at $20.19. Approximately 80,806 shares traded hands during trading, a decline of 83% from the average daily volume of 484,502 shares. The stock had previously closed at $21.75.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wall Street Zen raised Apnimed to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald assumed coverage on Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 target price on the stock. Zacks Research upgraded Apnimed to a “hold” rating in a research report on Wednesday, August 26th. Bank of America initiated coverage on Apnimed in a research report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 price target on the stock. Finally, Lifesci Capital assumed coverage on shares of Apnimed in a research report on Tuesday, August 25th. They set an “outperform” rating and a $50.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.33.

Apnimed Trading Down 9.8%

The company has a fifty day simple moving average of $26.60.

Apnimed (NASDAQ:APMD) last released its quarterly earnings data 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. As a group, equities analysts anticipate that Apnimed, Inc. will post -0.24 earnings per share for the current year.

Insider Activity

In other news, major shareholder Morningside Venture Investment purchased 312,500 shares of Apnimed stock in a transaction that occurred on Monday, August 3rd. The stock was bought at an average price of $16.00 per share, with a total value of $5,000,000.00. Following the completion of the transaction, the insider directly owned 7,152,713 shares of the company’s stock, valued at approximately $114,443,408. The trade was a 4.57% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

About Apnimed

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.