Apnimed, Inc. (NASDAQ:APMD) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Apnimed has a “Moderate Buy” consensus rating from five analysts, with four buys and one hold. The average 12-month price target is $50.33, including targets of $60 from Cantor Fitzgerald and $50 from Lifesci Capital.
• Shares opened at $26.22 after reportedly trading down 9.6%; the stock has ranged between $16.12 and $35.29 over the past year. Apnimed reported quarterly EPS of $0.51 and revenue of $12.08 million.
• Morningside Venture Investment purchased 312,500 shares for $5 million, increasing its stake by 4.57%. Apnimed is developing oral treatments for obstructive sleep apnea, led by the investigational drug candidate AD109.

Shares of Apnimed, Inc. (NASDAQ:APMD - Get Free Report) have been given an average rating of "Moderate Buy" by the five research firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $50.3333.

Several brokerages recently weighed in on APMD. Evercore assumed coverage on Apnimed in a research report on Tuesday, August 25th. They set an "outperform" rating for the company. Wall Street Zen raised shares of Apnimed to a "hold" rating in a report on Saturday, August 8th. Cantor Fitzgerald started coverage on Apnimed in a research report on Tuesday, August 25th. They set an "overweight" rating and a $60.00 price objective on the stock. Zacks Research upgraded shares of Apnimed to a "hold" rating in a report on Wednesday, August 26th. Finally, Lifesci Capital began coverage on Apnimed in a report on Tuesday, August 25th. They set an "outperform" rating and a $50.00 target price for the company.

Apnimed Trading Down 9.6%

Shares of Apnimed stock opened at $26.22 on Tuesday. Apnimed has a 52 week low of $16.12 and a 52 week high of $35.29.

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

Insiders Place Their Bets

In other news, major shareholder Morningside Venture Investment bought 312,500 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were acquired at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the transaction, the insider owned 7,152,713 shares of the company's stock, 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 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.

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