Apnimed, Inc. (NASDAQ:APMD) Shares Shorted: Short Interest Up 100.6% in September

Apnimed, Inc. (NASDAQ:APMD) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 1,764,739 shares, a growth of 100.6% from the September 15th total of 879,684 shares. Approximately 4.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 843,078 shares, the days-to-cover ratio is currently 2.1 days.

Analyst Ratings Changes

A number of brokerages have weighed in on APMD. Bank of America initiated coverage on Apnimed in a research report on Tuesday, August 25th. They issued a “buy” rating and a $41.00 price target on the stock. Lifesci Capital initiated coverage on Apnimed in a report on Tuesday, August 25th. They set an “outperform” rating and a $50.00 price objective for the company. Cantor Fitzgerald initiated coverage on Apnimed in a report on Tuesday, August 25th. They set an “overweight” rating and a $60.00 price objective for the company. Wall Street Zen upgraded shares of Apnimed to a “hold” rating in a research note on Saturday, August 8th. Finally, Zacks Research raised 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 given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

Insider Activity at Apnimed

In related 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 stock was acquired 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 of the company’s stock, valued at $114,443,408. This represents a 4.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Apnimed Price Performance

Shares of NASDAQ:APMD traded up $0.03 during trading on Wednesday, reaching $17.86. The stock had a trading volume of 33,059 shares, compared to its average volume of 469,496. Apnimed has a 52 week low of $16.12 and a 52 week high of $35.29. The firm has a 50-day simple moving average of $25.69. The company has a market cap of $743.51 million and a PE ratio of 35.02.

Apnimed (NASDAQ:APMD) last announced its earnings results on Tuesday, September 8th. The company reported $0.51 EPS for the quarter. The business had revenue of $12.08 million during the quarter. Equities research analysts anticipate that Apnimed will post -0.24 earnings per share for the current fiscal year.

About Apnimed

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.