Apnimed (NASDAQ:APMD) Shares Down 8.4% – Here’s Why

Apnimed, Inc. (NASDAQ:APMD) shares dropped 8.4% during mid-day trading on Monday . The stock traded as low as $27.00 and last traded at $27.22. 131,697 shares were traded during trading, a decline of 65% from the average daily volume of 378,380 shares. The stock had previously closed at $29.71.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on APMD. Zacks Research raised Apnimed to a “hold” rating in a research note on Wednesday, August 26th. Lifesci Capital initiated coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued an “outperform” rating and a $50.00 target price on the stock. Cantor Fitzgerald assumed coverage on shares of Apnimed in a research note on Tuesday, August 25th. They issued an “overweight” rating and a $60.00 target price on the stock. Evercore initiated coverage on shares of Apnimed in a research note on Tuesday, August 25th. They issued an “outperform” rating on the stock. Finally, Wall Street Zen upgraded shares of Apnimed to a “hold” rating in a report on Saturday, August 8th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Apnimed currently has a consensus rating of “Moderate Buy” and an average price target of $50.33.

Apnimed Trading Down 10.7%

Insider Buying and Selling at Apnimed

In other Apnimed news, major shareholder Morningside Venture Investment bought 312,500 shares of Apnimed stock in a transaction dated Monday, August 3rd. The shares were purchased at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the completion of the purchase, the insider owned 7,152,713 shares of the company’s stock, valued at approximately $114,443,408. This represents a 4.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Apnimed Company Profile

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.