Apnimed (NASDAQ:APMD) Shares Up 10.3% – Here’s Why

Apnimed, Inc. (NASDAQ:APMD) rose 10.3% during trading on Tuesday . The company traded as high as $29.56 and last traded at $28.27. 198,924 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 368,761 shares. The stock had previously closed at $25.63.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Evercore assumed coverage on Apnimed in a report on Tuesday. They set an “outperform” rating for the company. Wall Street Zen raised shares of Apnimed to a “hold” rating in a research note on Saturday, August 8th. Bank of America started coverage on shares of Apnimed in a report on Tuesday. They set a “buy” rating and a $41.00 price target for the company. Lifesci Capital initiated coverage on Apnimed in a research note on Tuesday. They issued an “outperform” rating and a $50.00 price target for the company. Finally, Cantor Fitzgerald initiated coverage on Apnimed in a report on Tuesday. They set an “overweight” rating and a $60.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Apnimed presently has an average rating of “Buy” and a consensus target price of $50.33.

Apnimed Price Performance

Insider Activity

In other Apnimed news, major shareholder Morningside Venture Investment bought 312,500 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were bought at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the transaction, the insider directly owned 7,152,713 shares in the company, valued at approximately $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 at this hyperlink.

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.