Apnimed, Inc.'s Quiet Period Will End on September 9th (NASDAQ:APMD)

Key Points

• Apnimed’s quiet period ends September 9, potentially allowing IPO underwriters to begin publishing research coverage. The company raised $192 million through a July 31 public offering of 12 million shares priced at $16 each.
• Analyst sentiment is broadly positive, with four Buy ratings and one Hold rating. The stock has an average “Moderate Buy” consensus and an average price target of $50.33, including targets of $41, $50, and $60 from recent initiations.
• Apnimed shares opened at $26.85, compared with a 52-week range of $16.12 to $35.29. Major shareholder Morningside Venture Investment also purchased 312,500 shares for $5 million, increasing its stake by 4.57%.

Apnimed's (NASDAQ:APMD - Get Free Report) quiet period is set to expire on Wednesday, September 9th. Apnimed had issued 12,000,000 shares in its public offering on July 31st. The total size of the offering was $192,000,000 based on an initial share price of $16.00. During the company's quiet period, insiders and any underwriters that worked on the IPO are restricted from issuing any research reports for the company because of SEC regulations. Following the expiration of the company's quiet period, it's expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Bank of America began coverage on Apnimed in a research note on Tuesday, August 25th. They set a "buy" rating and a $41.00 price target for the company. Lifesci Capital began coverage on Apnimed in a research note on Tuesday, August 25th. They issued an "outperform" rating and a $50.00 price objective for the company. Wall Street Zen upgraded Apnimed to a "hold" rating in a report on Saturday, August 8th. Evercore initiated coverage on Apnimed in a research report on Tuesday, August 25th. They set an "outperform" rating on the stock. Finally, Cantor Fitzgerald initiated coverage on Apnimed in a report on Tuesday, August 25th. They set an "overweight" rating and a $60.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.33.

Apnimed Stock Performance

Apnimed stock opened at $26.85 on Wednesday. Apnimed has a fifty-two week low of $16.12 and a fifty-two week high of $35.29.

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 stock was bought at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the completion of the acquisition, the insider directly owned 7,152,713 shares in the company, valued at approximately $114,443,408. The trade was a 4.57% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through 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.

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