Apnimed (NASDAQ:APMD) Shares Climb 6.1% – What’s Next?

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

Wall Street Analyst Weigh In

APMD has been the subject of several analyst reports. Zacks Research upgraded Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Lifesci Capital started coverage on Apnimed in a research report on Tuesday, August 25th. They set an “outperform” rating and a $50.00 target price on the stock. 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 for the company. Evercore started coverage on Apnimed in a research report on Tuesday, August 25th. They issued an “outperform” rating for the company. Finally, Wall Street Zen upgraded Apnimed to a “hold” rating in a research report on Saturday, August 8th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.33.

Apnimed Price Performance

The company has a 50 day moving average price of $27.11.

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

Insider Transactions at Apnimed

In other Apnimed news, major shareholder Morningside Venture Investment acquired 312,500 shares of the stock in a transaction on Monday, August 3rd. The stock was acquired at an average price of $16.00 per share, for a total transaction 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 $114,443,408. This trade represents a 4.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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.