Apnimed (NASDAQ:APMD) Shares Up 7.7% – What’s Next?

Shares of Apnimed, Inc. (NASDAQ:APMD) shot up 7.7% on Wednesday . The stock traded as high as $27.52 and last traded at $27.52. 165,956 shares traded hands during trading, a decline of 53% from the average session volume of 349,963 shares. The stock had previously closed at $25.56.

Wall Street Analyst Weigh In

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

Apnimed Price Performance

Apnimed (NASDAQ:APMD) last issued its earnings results on Tuesday, September 8th. The company reported $0.51 earnings per share for the quarter. The business had revenue of $12.08 million for the quarter. On average, equities research analysts predict that Apnimed, Inc. will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Apnimed news, major shareholder Morningside Venture Investment acquired 312,500 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were purchased at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

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.