Apnimed (NASDAQ:APMD) Shares Climb 7.4% – Here’s What Happened

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

Analyst Upgrades and Downgrades

APMD has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of Apnimed to a “hold” rating in a research report on Wednesday, August 26th. Wall Street Zen upgraded shares of Apnimed to a “hold” rating in a report on Saturday, August 8th. Evercore began coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating on the stock. Lifesci Capital initiated coverage on shares of Apnimed in a research note on Tuesday, August 25th. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Bank of America started coverage on Apnimed in a report on Tuesday, August 25th. They set a “buy” rating and a $41.00 target price on the stock. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.33.

Apnimed Stock Up 6.7%

The firm has a market cap of $765.16 million and a PE ratio of 36.04. The business has a fifty day moving average of $25.50.

Apnimed (NASDAQ:APMD) last posted its quarterly earnings results 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. As a group, equities analysts forecast that Apnimed, Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Apnimed

In related news, major shareholder Morningside Venture Investment acquired 312,500 shares of Apnimed stock in a transaction dated Monday, August 3rd. The stock was acquired at an average cost 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 Securities & Exchange Commission, which is available through this hyperlink.

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.