Apnimed (NASDAQ:APMD) Stock Price Up 7.4% – What’s Next?

Apnimed, Inc. (NASDAQ:APMD) was up 7.4% during mid-day trading on Thursday. The stock traded as high as $18.56 and last traded at $18.51. 50,367 shares traded hands during trading, a decline of 90% from the average daily volume of 480,348 shares. The stock had previously closed at $17.23.

Wall Street Analyst Weigh In

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

Apnimed Trading Up 6.7%

The firm has a market cap of $765.16 million and a price-to-earnings ratio of 36.04. The firm’s fifty day simple moving average is $25.50.

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 business had revenue of $12.08 million during the quarter. On average, sell-side analysts expect that Apnimed, Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Apnimed news, major shareholder Morningside Venture Investment bought 312,500 shares of the stock in a transaction on Monday, August 3rd. The shares were bought at an average price of $16.00 per share, with a total value of $5,000,000.00. Following the purchase, the insider directly owned 7,152,713 shares in the company, valued at $114,443,408. The trade was a 4.57% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Apnimed Company Profile

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.