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

Key Points

• Apnimed’s short interest more than doubled in September to 1.76 million shares, up 100.6% from midmonth, representing 4.2% of shares outstanding and 2.1 days to cover.
• Shares traded around $17.86, near the company’s 52-week low of $16.12 and well below its 52-week high of $35.29. Apnimed reported quarterly EPS of $0.51 and revenue of $12.08 million.
• Analysts remain broadly optimistic, with four Buy ratings and one Hold rating producing a Moderate Buy consensus and an average price target of $50.33; a major shareholder also purchased $5 million of stock.

Apnimed, Inc. (NASDAQ:APMD - Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 1,764,739 shares, an increase of 100.6% from the September 15th total of 879,684 shares. Based on an average daily volume of 843,078 shares, the days-to-cover ratio is presently 2.1 days. Currently, 4.2% of the shares of the company are sold short.

Apnimed Price Performance

APMD traded up $0.03 during trading on Wednesday, reaching $17.86. 33,059 shares of the company's stock were exchanged, compared to its average volume of 469,496. The company has a market cap of $743.51 million and a P/E ratio of 35.02. The firm has a 50 day moving average of $25.69. Apnimed has a fifty-two week low of $16.12 and a fifty-two 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 business had revenue of $12.08 million during the quarter. Sell-side analysts anticipate that Apnimed will post -0.24 earnings per share for the current fiscal year.

Insider Activity at Apnimed

In related news, major shareholder Morningside Venture Investment acquired 312,500 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was acquired at an average price of $16.00 per share, with a total value 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 represents a 4.57% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

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

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.

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